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What is the journal entry when you have not fully depreciated as asset that no longer exists?
Wiki User
∙ 9y ago
Debit accumulated depreciation
debit loss on disposal
Credit fixed asset
Wiki User
∙ 9y ago
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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 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
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset 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.
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.
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
Can an asset be depreciated to the point where its value becomes negative?
That can never happen. An asset will either be depreciated to its salvage value, or to zero, depending on whether or not it has a salvage value.
What is the journal entry to retire an asset that was damagaged and no longer in use?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
