Starmount Company Ltd B) C) D)

question 98

Multiple Choice

Starmount Company Ltd. sold an old copy machine for $3,200. The old copy machine cost $9,000 and had accumulated amortization totalling $6,500. The entry to record the sale is:

• A) \(\begin{array} { | c | r | r | }
• \hline \text { Cash } & 3,200 & \\
• \hline \text { Accum. Amort.-Office Equip. } & 6,500 & \\
• \hline \text { Office Equipment } & & 9,000 \\
• \hline \text { Gain on Sale of Office } & & \\
• \text { Equip. } & & 700\\
• \hline
• \end{array}\)
• B) \(\begin{array} { | c | r | r | }
• \hline \text { Cash } & 3,200 & \\
• \hline \text { Loss on Sale of Office Equip. } & 5,800 & \\
• \hline \text { Office Equipment } & & 9,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array} { | c | r | r | }
• \hline \text { Cash } & 3,200 & \\
• \hline \text { Accum. Amort.-Office Equip. } & 6,500 & \\
• \hline \text { Office Equipment } & & 9,700 \\
• \hline
• \end{array}\)
• D) \(\begin{array} { | c | r | r | }
• \hline \text { Cash } & 3,200 & \\
• \hline \text { Loss on Sale of Office Equip. } & 3,300 & \\
• \hline \text { Office Equipment } & & 6,500 \\
• \hline
• \end{array}\)

Apply the principles of the fraud triangle to understand risks and prevention measures.

Grasp the significance of proper authorization and documentation in the internal control system.

Identify the anatomical structures of the digestive and respiratory systems.

Understand the functions of various organs in the digestive system.

---

Definitions:

Capital Flight

The rapid movement of large sums of money or capital out of a country due to economic or political instability, affecting the country's financial health.

Microlending

The provision of small loans to entrepreneurs and small businesses lacking access to banking and related services.

Human Capital

The knowledge and skills that make a person productive.

Aggregate Demand

Aggregate demand represents the total demand for all goods and services within a country's economy at a given overall price level and in a given time period.