A Van That Cost $23,700 and Had Accumulated Depreciation of $21,000

question 92

Essay

A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
Record the journal entry required.

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Definitions:

UCC Mandated Duty

Required responsibilities established under the Uniform Commercial Code, applicable to transactions involving personal property.

Honest in Fact

Honest in fact refers to a principle in commercial law that describes being genuinely truthful and fair in one's dealings, without deception.

Perfect Tender Rule

A legal principle that demands a seller to deliver goods in accordance with the terms exactly as specified in a contract.

Conforming Goods

Products that meet the specifications and quality standards agreed upon in a contract.