0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is the journal entry to write off an asset was damage or lost?
debit loss of assetscredit fixed asset account
What is the journal entry to write off fixed assets?
When the Company decide to write off the fixed asset, the following entries will be passed:Dr. Accumulated DepreciationDr. Loss on Asset written off (if any)Cr. Fixed Asset ( at cost)The company would write off the fixed asset in the following circumstances:1) The company may write off the fixed asset, if the assets are no longer in feasible use.2) The fixed assets have been fully depreciated.In case 1 above, the company might incurred a loss on fixed asset written down if the net book value is > nil. Whereas, when the assets have been fully depreciated ( as in case 2), no losses will be incurred upon written off.
What is the journal entry to write off a fully depreciated asset that was donated?
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
What is the entry when asset is purchased and written off for the same?
[Debit] New Asset [Debit] Accumulated-Depreciation old asset [Credit] Cash (if any) [Credit] Old Asset
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is the journal entry to write off an asset was damage or lost?
debit loss of assetscredit fixed asset account
Write off fixed asset entry?
When the Company decide to write off the fixed asset, the following entries will be passed: Dr. Accumulated Depreciation Dr. Loss on Asset written off (if any) Cr. Fixed Asset ( at cost) The company would write off the fixed asset in the following circumstances: 1) The company may write off the fixed asset, if the assets are no longer in feasible use. 2) The fixed assets have been fully depreciated. In case 1 above, the company might incurred a loss on fixed asset written down if the net book value is > nil. Whereas, when the assets have been fully depreciated ( as in case 2), no losses will be incurred upon written off.
What is the journal entry to write off fixed assets?
When the Company decide to write off the fixed asset, the following entries will be passed:Dr. Accumulated DepreciationDr. Loss on Asset written off (if any)Cr. Fixed Asset ( at cost)The company would write off the fixed asset in the following circumstances:1) The company may write off the fixed asset, if the assets are no longer in feasible use.2) The fixed assets have been fully depreciated.In case 1 above, the company might incurred a loss on fixed asset written down if the net book value is > nil. Whereas, when the assets have been fully depreciated ( as in case 2), no losses will be incurred upon written off.
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
What is the journal entry to write off a fully depreciated asset that was donated?
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
What is the journal entry for sale of fully depreciated asset with loan balance?
This is how I did it. We had a truck that burned to the ground. It was fully 179 expensed. Insurance paid off the loan, so on the books I had a balance. This is what I did. First entry was to take the asset off the books; next entry was to remove the loan off the books. I decided to credit depreciation expense instead of a revenue account, since I felt that it was more representative of the event (not a sale). ACCUMUALTED DEPRECIATION 10000 ASSET 10000 LOAN 2000 DEPRECIATION 2000
What is the General journal entry to write off obsolete assets?
debit accumulated depreciationdebit loss on assetcredit fixed asset account
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
What is the journal entry to write off an old server?
dr loss on asset retirement dr accumulated depreciation cr asset-server if sold cash would be debited and loss would be debited or gain credited
What is the difference between asset write off and asset disposal?
When an asset is damaged beyond repair and you scrap it, you write it off. It may or may not be fully depreciated at that time. If it's not fully depreciated yet, your amt for Fixed assets written off would equal to the net book value. When you write off an asset, you don't get any proceeds for it. When you dispose of an asset by selling it, you'd get some proceeds from the sale and you use this amt to calculate your gain or loss on sale of fixed asset.
