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Delta River Company sold manufacturing equipment with a cost of $44,000 and accumulated depreciation of $32,000 for $9,000. The journal entry to record this transaction will include:_________
a) a credit to Accumulated Depreciation â Equipment for $32,000.
b) a debit to a loss account for $3,000.
c) a credit to a gain account for $8,000.
d) a credit to the Equipment account for $12,000.

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Answer:

b) a debit to a loss account for $3,000.

Explanation:

Based on the information given the journal entry to record this transaction will include: a DEBIT TO A LOSS ACCOUNT FOR $3,000.

Debits Cash $9,000

Debit Accumulated Depreciation - Equipment $32,000

Debit loss account ($3,000)

($44,000-$32,000+$9,000)

Credit Equipment $44,000