I M Having Trouble With An Accounting Concept Lets Say Portland Company Sold Equ (1)

I’m having trouble with an accounting concept. Lets say Portland Company sold equipment with a book value of $600 for $850 cash. Total depreciation expense for the entire company for the year was $500. The beginning and ending balances in the Accumulated Depreciation account are $1,000 and $700, respectively. The beginning and ending balances in the Equipment account are $3,500 and $3,700 respectively. In the journal entry to record the sale of the equipment for $850 cash. No other equipment was sold during the year.

Would my closing entry be a debit to accumulated depreciation of $500 or $300, or perhaps neither, maybe a debit on loss of sale of equipment? Could use some help. Thanks!

Get Your Custom Essay Written From Scratch
We have worked on a similar problem. If you need help click order now button and submit your assignment instructions.
Just from $13/Page
Place an Order

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Order Over WhatsApp Place an Order Online

"Do you have an upcoming essay or assignment due?


Get any topic done in as little as 6 hours

If yes Order Similar Paper

All of our assignments are originally produced, unique, and free of plagiarism.

Get Assignment Writing Help

Our experts are ready to complete your assignment, course work. essay, test, dissertation, research paper, quiz

Get Started

Stuck with a Question?

Get it solved from our top experts within 8 hrs!

Ask Your Question Now!

"Are you looking for a similar assignment? if yes, we are ready to help"

Order New Solution

You will get 100% plagiarism free and professional written paper.