The double entry to record the proceeds on disposal of as...
The double entry to record the proceeds on disposal of assets in debit
Bank account; credit asset disposal account
Asset disposal account; credit bank account
Provision for depreciation account; credit asset disposal account
Asset disposal account; credit provision for depreciation account
Correct answer is C
Debit provision for Depreciation account (to remove the equipment's up-to-date accumulated depreciation), Credit the account Equipment (asset disposal account) to remove the equipment's cost.
Which of the following accounts belongs to the private ledger? ...
Another name for owner's equity is ...
Which of the following items is a tangible asset? ...
Which of the following is a spreadsheet application? ...
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinkin...