Charlie Corp Sold a Truck for $15,000 Cash

question 100

Essay

Charlie 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.Prepare the journal entry for the sale of truck.

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Definitions:

MIG Weld

A welding process known as Metal Inert Gas Welding, which uses a continuously fed wire electrode and shielding gas to create a weld.

Base Plate

A flat piece used as a foundation or mounting surface in various mechanical and architectural applications.

Compensating Fifth Wheel

A fifth wheel designed to articulate fore and aft, and side to side. Used to limit trailer torque effect transfer; the Holland Kompensator would be an example.

Aluminum Frame

An aluminum frame refers to the structural framework of a vehicle or equipment made from aluminum, known for being lightweight yet strong.