A truck costing $12,100, which has Accumulated Depreciation of $9,010, was sold for $2,010 cash. The entry to record this event would include a:
-loss of $1,080.

-gain of $1,080.

-credit to the Vehicles account for $3,090.

-credit to Accumulated Depreciation for $9,010.

Loss of $1,080

Explanation:

The correct journal entries would be:

Dr     Accumulated Depreciation           9,010

Dr     Cash                                                2,010

Dr     Loss on sale                                    1,080

        Cr                Truck (Asset)                                    12,100

Thus, the correct answer is a loss of $1,080                                  

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi