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What is the journal entry to remove asset before it is fully depreciated?
Wiki User
∙ 10y ago
[Debit] Cash / bank xxxx
[Debit] Loss on sale of asset (if any) xxxx
[Debit] accumulated depreciation xxxx
[Credit] Asset xxxx
[Credit]Profit on sale of asset (if any) xxxx
Wiki User
∙ 10y ago
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What is the journal entry when you have not fully depreciated as asset that no longer exists?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
How do you remove a completely depreciated fixed asset from your fixed asset accounts?
Debit Accumulated Depreciation and Credit the Fixed Asset account for the capitalized value; however, if you still own the asset, you should not remove it.
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 of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
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 remove a vehicle that is traded in before it is fully depreciated?
[Debit] Accumulated depreciation [Debit] New Asset [Debit] Loss on disposal (if any) [Credit] Old asset [Credit] Profit on disposal (if any) [Credit] Cash paid (if any)
What is the journal entry when you have not fully depreciated as asset that no longer exists?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
How do you remove a completely depreciated fixed asset from your fixed asset accounts?
Debit Accumulated Depreciation and Credit the Fixed Asset account for the capitalized value; however, if you still own the asset, you should not remove it.
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 of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
What asset is not depreciated?
land
The journal entry to record depreciation expense consists of a credit to Accumulated Depreciation and a debit to the asset being depreciated?
Debit is to depreciation expense.
Fully depreciated asset?
Is an asset that has equalled its original cost
Can assets become expenses over time?
Certain assets (like equipment or goodwill) can depreciated or amortized over time. Other assets (like land) are not amortized. An asset that is available to be depreciated can be expensed over time according to the associated depreciation schedule for that particular asset class. Often, a journal entry is made at the end of each year. The journal entry would reflect a credit to an asset account and a debit to an expense account.
When an asset is fully depreciated should the total accumulated depreciation for that asset be zeroed out?
After an asset is fully depreciated, the assets and accumulated depreciation accounts are zerod together in the beginning of the next accounting period. When an asset is fully depreciated but still operates in the company, accountants usually leave the asset and its accumulated depreciation accounts in the records even after it's fully depreciated and even through next periods, just to show that this asset still exists and operates.
