Rightz Petroleum Products owns furniture that was purchased
     Rightz Petroleum Products owns furniture that was purchased for $20,000. Accumulated depreciation is $16,000. The furniture was sold for $3,800. Prepare the journal entry to record this transaction.  
  
  Solution
Journal entry for sale of Furniture Accumulated depreciation-Furniture Dr. 16000 Cash account 3800 Loss on sale of assets Account Dr. 200 Furniture account 20000
