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A Company Discarded a Computer System Originally Purchased for $18,000

question 127

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A company discarded a computer system originally purchased for $18,000.The accumulated depreciation was $17,200.The company should recognize a(an) :


Definitions:

Not Sufficient Funds

A term used by banks to indicate that a check cannot be honored because the account on which it was drawn does not have enough money.

NSF Check

A cheque that has been returned by the bank because it cannot be honored due to insufficient funds in the account.

Bank Statement

A summary issued by a bank detailing all transactions in an account over a specific period.

Outstanding Checks

Checks that have been issued by a company but have not yet been cashed or cleared by the bank.

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