0
What are the journal entries for the sale of a vehicle at a loss?
Wiki User
∙ 13y ago
The journel entry is a debit to 'Cash' for 1,500, a credit to 'Vehicles' for 10,000, a debit to 'Accumulated depreciation vehicles' for 9,000, and, a credit to 'Gain on sale vehicles' for 500.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoDebit fixed assets
debit loss on purchase
Credit cash / bank
Add your answer:
Earn +20 pts
What are journal entries for sale of vehicle for a non profit entity?
debit cashcredit vehicle
What are journal entries for sale of vehicle for non profit?
debit cash / bankcredit vehicle account
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 are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
What are the two journal entries necessary to record a sale?
debit cash / accounts receivablecredit sales
What are the accounting journal entries to record a sale of inventory with discount?
debit accounts receivablecredit sales revenue
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 post a journal entry for the sale of a vehicle?
Debit cash / bankCredit vehicle account
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
What is accounting journal for proceeds of car sale?
Because the car is a fixed asset, the depreciation of the vehicle must be recorded up to the date of sale. The proceeds should be recorded as credit if profit was earned or debit if there was a financial loss.
