If Equipment That Cost $100 000 and Has Accumulated Depreciation

question 5

Multiple Choice

If equipment that cost $100 000 and has accumulated depreciation of $70 000 is sold for $20 000,the journal entry to record the sale would include:

• A) Cr Loss on sale,$10 000.
• B) Dr Gain on sale,$10 000.
• C) Dr Accumulated depreciation,$70 000.
• D) Cr Equipment,$20 000.

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Definitions:

Management Information System

An organized system for collecting, storing, analyzing, and disseminating information for the purpose of facilitating management decision-making processes.

Information Technology

Leveraging computers, storage units, networking components, and other material devices, foundations, and processes to develop, handle, keep safe, store, and distribute all varieties of electronic data.

Specific Information Needs

The precise data or knowledge required by an individual or organization to make decisions or solve problems.

Understandable

Capable of being comprehended or grasped mentally.