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What is the journal entry to write off a fully depreciated asset that was donated?
Wiki User
∙ 15y ago
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
Wiki User
∙ 15y ago
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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 record a donated asset?
Debit fixed assetsCredit donations / retained earnings
What is the journal entry to record sale of donated assets?
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
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.
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
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 for receiving a donated asset from City Government?
[Debit] Donated Assets [Credit] Retained Earning / OE
What is the journal entry to record a donated asset?
Debit fixed assetsCredit donations / retained earnings
What is the journal entry to record sale of donated assets?
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
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.
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)
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
What is the journal entry to write off partially depreciated equipment?
debit cash / bankdebit accumulated depreciationdebit loss (if any)credit fixed asset accountcredit profit (if any)
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
