Preparing the journal entry to record the sale, Accounting Basics

Preparing the journal entry to record the sale

Question: Disposal Ellis Industries sells a building that has an original cost of $200,000 and an accumulated depreciation balance of $100,000.

Required:

Q1. Prepare the journal entry to record the sale assuming the sales price was $100,000.

Q2. Prepare the journal entry to record the sale assuming the sales price was $95,000.

Q3. Prepare the journal entry to record the sale assuming the sales price was $108,000.

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Accounting Basics: Preparing the journal entry to record the sale

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