A. sales account
B. delivery van account
C. cash account
D. profit and loss accounts
Correct Answer:
Option C – cash account
Explanation
if there was a Loss on sale, we Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.
if there was a Gain on sale. Debit cash for the amount received, debit all accumulated depreciation, credit the fixed asset, and credit the gain on sale of asset account.
Cash is received and expected to be debited going by the principles of double entry.
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