Write a journal entry to record the following transaction On

Write a journal entry to record the following transaction.

On May 17th 2016, Aubie Inc. (a manufacture of plastic football shakers) sold a piece of equipment for $10,000. The equipment had a historical cost of $25,000 and a book value of $19,000. (Hint: You Should have 4 accounts in your journal entry: Cash, Equipment, Accumulated Depreciation-equipment, and either a Gain or Loss on the sale of equipment.)

Solution

Cash 10000 Accumulated Depreciation-equipment 6000 Loss on the sale of equipment 9000           Equipment 25000