Trimer Corp Sold a Truck for $15,000 Cash

question 128

Essay

Trimer Corp sold a truck for $15,000 cash. It was originally purchased for $50,000 and had accumulated depreciation of $30,000 at the time of sale. Give the journal entry for the sale of truck.

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Definitions:

Unauthorized Individuals

Persons who do not have official permission to access certain information, facilities, or systems, posing a potential security risk.

Company's Facilities

The physical resources of a company, including buildings, machinery, and equipment.

Risk Management

A process that identifies, controls, and minimizes the impact of threats, in an effort to reduce risk to manageable levels.

Controls

Measures implemented to regulate processes, systems, or environments, ensuring that activities are conducted in a consistent and secure manner.