Examlex
On April 1 of the current year,a company disposed of an automobile that had cost $20,000.The auto had a salvage value of $2,000 and a useful life of five years.The accounting records showed accumulated depreciation for this automobile of $8,100 as of April 1 of the current year.The asset was discarded after an accident occurred and $10,500 cash was received from an insurance claim.
Prepare the journal entry to record the disposal of the automobile.
Q7: A depreciable asset currently has a $40,100
Q11: Explain how to record the receipt of
Q14: A _ is a document explaining the
Q43: A company established a petty cash fund
Q55: Employers are required to pay state and
Q58: A company's cost of goods sold was
Q62: Not many companies take a physical count
Q70: Accounting for contingent liabilities covers three possibilities.
Q87: If the seller regularly offers customers such
Q116: A company has $200,000 par value, 10%