0
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.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoDebit 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.
Wiki User
∙ 9y agodebit accumulated depreciation
debit cash
credit asset
credit gain on sale of asset
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How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
What is the Journal entry for loss on sale of equipment?
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
How do you do a journal entry for sale of equipment with a promissary note?
debit equipment accountcredit promisary note
How do you record a journal entry for a purchace of equipment at a fire sale?
debit equipment accountcredit cash / bank
How do you input a journal entry for the sale of equipment to include a 90 day promissary note?
Debit promissory noteCredit sale of asset
How do you input a journal entry for a sale of equipment with a 90 day note?
debit notes receivablecredit sales account
What is the journal entry for consignment sale?
profit
How do you post a journal entry for sale of a vehicle with depriciation?
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.
What needs to happen when recording a journal entry for a sale account?
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
What is the journal entry for the sale of a corporation?
Debit cash /bankdebit liabilitiesCredit assets
What need to happen when recording a journal entry for a sale account?
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
What is the journal entry for gain on sale of land?
[Debit] Cash / bank xxxx [Debit] Accumulated Depreciation xxxx [Credit] Asset xxxx [Credit] Gain on sale of asset [balancing figure) xxxx
