0
What is the journal entry to write off not a fully depreciated asset?
Wiki User
∙ 9y ago
[Debit] Accumulated Depreciation
[Debit] Cash (if any)
[Credit] Assets
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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 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 remove asset before it is fully depreciated?
[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
Fully depreciated asset?
Is an asset that has equalled its original cost
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.
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 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 remove asset before it is fully depreciated?
[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
Where do you hit the cost of removing a fully depreciated asset IE asset 5000.00 so retirement entry equals credit asset account and debit accumulated depreciation account what about 200 removal cost?
Journal entry for removal cost: Debit Removal cost 200 Credit Cash 200
Fully depreciated asset?
Is an asset that has equalled its original cost
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)
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.
What is the journal entry to write off a fully depreciated asset?
[Debit] Cash (if any) xxxx [Debit] Accumulated depreciation xxxx [Debit] Loss on disposal of asset (if any) xxxx [Credit] Asset account xxxx [Credit] Profit on disposal of asset(if any)xxxx
What is the journal entry to write off a fully depreciated asset that was sold?
dr a/d---xxx dr loss --xxx dr cash--xxx cr---equipment xxx (If at a loss; if sold at a gain then credit gain on disposal)
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
Is it true that product obsolescence means the asset has been fully depreciated?
no. just outdated.
Suppose you have a truck that was purchased at 1100 and fully depreciated and then it was sold for 250 dollars What would the journal entry be?
Credit - Truck 1100 Debit - Accumulated Depreciation Debit - Cash 250 Credit - Gain on disposition 250
