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What was the book value at the time of sale

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Q1. Jim and Pam originally purchased office furniture for $600, and just sold it for $200. At the time of the sale, the furniture had accumulated depreciation of $480. (a) What was the book value at the time of sale, and (b) What is the journal entry to record the sale of the office furniture?

Q2. East Skies Karate sells 5-week lesson pre-purchase packages for students. On January 9 they sold 80 packages for $100 each. Show the journal entry (a) to show the sale of the packages, and (b) the journal entry when each weekly lesson is completed.

Reference no: EM133182729

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