answersLogoWhite

0

What else can I help you with?

Related Questions

What balance sheet accounts are affected by the sale of an asset?

Sale of assets reduces the asset account as well as accumulated depreciation account while increases the cash or bank account


Is Loss on sale of asset is an expense account?

yes


What is the journal entries for disposal of fixed asset?

cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account


Is Loss on Sale of Asset a Equity account or Income Account?

Loss on sale of asset reduces the actual profit of company that's why it is a part of income statement and shown as an expense to business.


What is the Journal entry for loss on sale of equipment?

[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx


When an asset created by a business makes a sale on account it is termed what?

If it is the business of the company to create / manufacture the asset and sell then the asset would be the inventory.If it is not the normal business of the entity to create / manufacture then it would be classified as the sale of the asset / machine / etc. depreciation may also be applicable...


What is the legal right to receive cash from a credit sale and represents an asset of the company?

account receivable


Where is the retirement of an asset recorded?

The "retirement" or "disposal" (as it's usually listed as) is recorded in a couple of different ways depending on how the asset is disposed of. One entry that will not change regardless of how the company disposes of the asset is the account related to said asset. For example, if the company is disposing of a truck, the one account entry that will not change will be Equipment-truck, this account will be credited for the balance. The fact that the fixed asset account has a debit balance, we now credit the account to bring it to a zero balance and remove the truck from our records. Company's may choose to dispose of, sale, or trade the fixed asset. Disposing of the fixed asset does not involve the exchange of money or another asset. Selling of the asset involves receiving cash for the asset. Trading involves receiving another asset in exchange for the asset the company is disposing of. This transaction will affect the balance sheet as it affects the assets of a company.


When an asset is sold a gain occurs when the?

Gain on sale of asset is occured when actual value of asset is less then the sale value of asset.


What is the journal entry to record fixed asset disposals?

[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx


Does information and communication technology affect stock control in the management of sale trader?

does information and communication technology affect stock control in the management of sale trader


What is realization account?

An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.