When an asset is sold, the entries for the accumulated depreciation are; debit
A. assets disposal account; credit provision for depreciation account
B. provision for depreciation account; credit asset disposal account
C. fixed asset account; credit asset disposal account
D. asset disposal account; credit fixed asset account
Correct Answer: B
Explanation
Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.
