Multiple Choice
When a company discards machinery that is fully depreciated, this transaction will be recorded with which of the following entries?
A) DR Accumulated depreciation
CR Machinery
B) DR Machinery
CR Accumulated depreciation
C) DR Cash
CR Accumulated depreciation
D) DR Depreciation expense
CR Accumulated depreciation
Correct Answer:
Verified
Correct Answer:
Verified
Q5: Equipment with a cost of $160 000
Q6: When the accumulated depreciation is deducted from
Q7: Squires Ltd purchased equipment for $90 000
Q8: Brown Ltd purchased a machine on the
Q9: On 1 January 2018, a new motor
Q11: On 1 January 2018, a new motor
Q12: Where there is an asset revaluation decrement
Q13: Bully Ltd acquires all the business assets
Q14: A used machine with a purchase price
Q15: A company purchases equipment on 1 January