When a Company Sells Machinery at a Price Equal to Its

question 32

Multiple Choice

When a company sells machinery at a price equal to its book value,this transaction will be recorded with an entry that would include which of the following?

• A)DR Cash and accumulated depreciation\(\quad\)CR Machinery
• B)DR Machinery\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\) CR Cash and accumulated depreciation
• C)DR Cash and machinery\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)CR Accumulated depreciation
• D)DR Cash and depreciation expense\(\quad\)\(\quad\) CR Accumulated depreciation

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Definitions:

Concord

Concord refers to an agreement or harmony between parties or states, often used historically to describe peace treaties.

General Gage

Thomas Gage was a British general best known for his role in the early stages of the American Revolutionary War, particularly for his leadership in the battles of Lexington and Concord.

Commander-In-Chief

The title held by the president of a country or the highest-ranking official of the armed forces, denoting supreme authority over the military organizations.

Continental Army

The Continental Army was the unified command structure of the thirteen colonies fighting Great Britain during the American Revolutionary War, established by the Second Continental Congress in 1775.