The correct form of the journal entry recorded upon the sale of a plant asset sold for an amount of

cash in excess of its net book value is as follows:

Question

The correct form of the journal entry recorded upon the sale of a plant asset sold for an amount of 
 
cash in excess of its net book value is as follows:

Accepted Answer

Dr Cash; Dr Accumulated depreciation; Cr Machinery; Cr Gain on disposal of machinery

Answer

No journal entry is required.

Answer

Dr Cash; Dr Accumulated depreciation - machinery; Dr Gain on disposal of machinery; Cr Machinery

Answer

Dr Cash; Dr Machinery; Cr Accumulated depreciation - machinery; Cr Gain on disposal of machinery

Crowdly

The correct form of the journal entry recorded upon the sale of a plant asset so...

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