debit cash / accounts receivable
credit sales
To record the sale of a subsidiary, you would typically make the following journal entries: Debit Cash (or Accounts Receivable) for the amount received from the sale. Debit Accumulated Loss on Sale of Subsidiary (if applicable) to reflect any loss incurred. Credit Investment in Subsidiary for the carrying amount of the subsidiary's net assets. Credit Gain on Sale of Subsidiary (if applicable) for any gain realized from the sale. These entries ensure that the financial statements accurately reflect the transaction's impact on the company’s financial position.
debit cashcredit vehicle
debit cash / bankcredit vehicle account
Debit cash / bankCredit equipment
debit cost of salescredit cash / bank
debit accounts receivablecredit sales revenue
To record the sale of a subsidiary, you would typically make the following journal entries: Debit Cash (or Accounts Receivable) for the amount received from the sale. Debit Accumulated Loss on Sale of Subsidiary (if applicable) to reflect any loss incurred. Credit Investment in Subsidiary for the carrying amount of the subsidiary's net assets. Credit Gain on Sale of Subsidiary (if applicable) for any gain realized from the sale. These entries ensure that the financial statements accurately reflect the transaction's impact on the company’s financial position.
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
debit cashcredit vehicle
debit cash / bankcredit vehicle account
Merchandising, Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement Presentation Operations, and Evaluating Profitability.
Debit cash / bankCredit equipment
Debit accounts receivableCredit sales revenue
debit cost of salescredit cash / bank
To record the sale of an old typewriter at its book value of $1,250, you would make a journal entry that debits cash or accounts receivable for $1,250 and credits the typewriter asset account for $1,250. This reflects the removal of the asset from the books at its recorded value. If there were any accumulated depreciation, that would also need to be considered in the journal entries.
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Installment A/r(dr) Installment sales(cr)