.Accumulated Depreciation 75,000
..................................... Loss 15,000
..................................... Cash 10,000
.................................................. ....... Equipment 100,000
Sold equipment costing $100,000 for $10,000. The equipment was 75% depreciated on the date of sale.
EQUIPMENT
Equipment is an asset
Equipment is increased with a debit
Equipment is decreased with a credit
ACCUMULATED DEPRECIATION
Accumulated Depreciation is a contra asset
Accumulated Depreciation is increased with a credit
Accumulated Depreciation is decreased with a debit
LOSS
Loss is similar to an expense, but usually relates to other than ongoing operations
Loss is increased with a debit
Loss is decreased with a credit
CASH
Cash is an asset
Cash is increased with a debit
Cash is decreased with a credit
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