Accounting for IGCSE & O level - Accounting Procedures (Section 11 - No. 8)
When preparing the journal entries for the disposal of an asset, what entry is made to record the receipt of cash?
Debit Cash, Credit Asset
Debit Cash, Credit Accumulated Depreciation
Debit Cash, Credit Gain/Loss on Disposal
Debit Cash, Credit Proceeds
Explanation
The cash account is debited and the proceeds from sale should be credited.
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