debit accumulated depreciation
debit cash
credit asset
credit gain on sale of asset
Debit to Cash (or Accounts Receivable) for the sale Price. Debit to Accumulated Depreciation for the total amount of depreciation charged against that piece of equipment since its original purchase date. Credit to Equipment account for the original purchase price. Credit to Gain on Sale of Fixed Asset (or Other Income) for the difference needed to balance the entry.
Debit to Cash (or Accounts Receivable) for the sale Price. Debit to Accumulated Depreciation for the total amount of depreciation charged against that piece of equipment since its original purchase date. Credit to Equipment account for the original purchase price. Credit to Gain on Sale of Fixed Asset (or Other Income) for the difference needed to balance the entry.
debit accumulated depreciation
debit cash
credit asset
credit gain on sale of asset
Debit cash / bankCredit equipment
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
debit equipment accountcredit promisary note
debit equipment accountcredit cash / bank
Debit promissory noteCredit sale of asset
debit notes receivablecredit sales account
profit
The amount received for sale of the vehicle with depreciation is compared to the vehicle's net value and debited as a loss or credited as a gain.
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
Debit cash /bankdebit liabilitiesCredit assets
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
[Debit] Cash / bank xxxx [Debit] Accumulated Depreciation xxxx [Credit] Asset xxxx [Credit] Gain on sale of asset [balancing figure) xxxx