On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. Required:
Write the necessary Journal entry to record the sale.

Date      Account titles and Explanation                  Debit        Credit

Dec 29  Cash                                                              $2,000

              Accumulated depreciation - Delivery van  $18,000

                       Delivery van                                                          $20,000

               (To record the sale of delivery van)

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