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In May, 2015, the owner of Dobson Enterprises sells a piece of equipment before the end of the asset’s service life because the equipment is no longer useful to the business. The company’s accountant needs to create two journal entries in this scenario. The first journal entry records depreciation for the first 5 months of the year. The purpose of the second journal entry is to ________.
remove the asset and its accumulated depreciation from the books.
record the salvage value of the asset at the time of disposal.
debit Accounts Receivable and credit Accounts Payable for the sale.
remove the asset from the books and record its capital expenditures.
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