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Which journal will be used to record the transaction

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Reference no: EM132956214

The following information was extracted from the accounting records of Namgoong Plastics:

Balances at 1 April 2019

R

Equipment: Cost 28 000

Accumulated depreciation: Equipment (26 133)

Additional information

  • At the beginning of the financial year, 1 April 2019, Namgoong Plastics replaced its plastic shredding equipment with new glass recycling equipment that had a purchase price of R45 600.
  • The replaced plastic shredding machine was sold for R5 000 cash, it was the only piece of equipment in the books of Namgoong prior to the purchase of the new glass recycling equipment. Depreciation is provided at 20% p.a. on the straight-line method.

Problem 1: Indicate which journal(s) will be used to record the transactions relating to the sale of the plastic shredding equipment?

A. Cash payments journal; Cash receipts journal; General journal
B. Cash receipts journal; Cash payments journal
C. Cash receipts journal
D. General journal
E. Cash receipts journal; General journal

Reference no: EM132956214

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