When a company sells machinery at a price equal to its book value, this transaction would be recorded with an entry that would include the following:
A) debit Cash and Accumulated Depreciation; credit Machinery
B) debit Machinery; credit Cash and Accumulated Depreciation
C) debit Cash and Machinery; credit Accumulated Depreciation
D) debit Cash and Depreciation Expense; credit Accumulated Depreciation

Question

Quizplus · Accepted Answer

When machinery is sold at its book value, cash is debited for the amount received, accumulated depreciation is debited to remove it from the books, and machinery is credited to remove the asset from the books.

When a Company Sells Machinery at a Price Equal to Its