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How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
How do you do a journal entry for sale of equipment with a promissary note?
debit equipment accountcredit promisary note
How do you input a journal entry for the sale of equipment to include a 90 day promissary note?
Debit promissory noteCredit sale of asset
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
How do you do a journal entry for sale of equipment with a promissary note?
debit equipment accountcredit promisary note
How do you record a journal entry for a purchace of equipment at a fire sale?
debit equipment accountcredit cash / bank
How do you input a journal entry for the sale of equipment to include a 90 day promissary note?
Debit promissory noteCredit sale of asset
How do you input a journal entry for a sale of equipment with a 90 day note?
debit notes receivablecredit sales account
How do you post a journal entry for sale of a vehicle with depreciation?
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
What is the journal entry for consignment sale?
profit
How do you post a journal entry for sale of a vehicle with depriciation?
The amount received for sale of the vehicle with depreciation is compared to the vehicle's net value and debited as a loss or credited as a gain.
How do you pass journal entry for vehicle sale?
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
What part of the elements of financial statements does loss on sale of equipment belong to?
Loss on sale of equipment is shown in income statement as other loss.
What needs to happen when recording a journal entry for a sale account?
When recording a journal entry for a sales account, ensure that the sales are strictly done on credit terms.
