Question

Which of the following journal entries correctly records the sale of a fixed asset when cash received is less than the net book value of the asset?

A Debit Cash, Debit Accumulated Depreciation | Credit Fixed Asset (at Cost), Credit Gain on Disposal
B Debit Cash, Debit Accumulated Depreciation, Debit Loss on Disposal | Credit Fixed Asset (at Cost)
C Debit Fixed Asset (at Cost) | Credit Cash, Credit Accumulated Depreciation, Credit Loss on Disposal
D Debit Cash, Debit Loss on Disposal | Credit Accumulated Depreciation
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