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[Debit] Cash / bank xxxx
[Debit] Accumulated Depreciation xxxx
[Credit] Asset xxxx
[Credit] Gain on sale of asset [balancing figure) xxxx
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How do you record journal entry of SALE land on credit?
debit accounts receivablecredit land 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
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
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.
How do you record in books of account sale of land on credit?
The journal entry is as follows: [Debit] Accounts Receivable XXXX [Credit] Land XXXX This entry is only affecting the balance sheet accounts by decreasing one asset account and increasing another asset account. When cash is received, the journal entry is as follows: [Debit] Cash/Bank XXXX [Credit] Accounts receivable XXXX
When you made sale is it compulsory to make journal entry?
Whenever any business transaction occur It is compulsory to make journal entry so this is true in case of sales as well.
What need to happen when recording a journal entry for a sale on account?
What needs to happen when recording a Journal Entry for a sale on account
How do you record a journal entry for sale on account?
Debit accounts receivableCredit sales revenue
How do you record a journal entry for the cost of a sale?
debit cost of salescredit cash / bank
