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What is the journal entry to write off partially depreciated equipment?
Wiki User
∙ 9y ago
debit cash / bank
debit accumulated depreciation
debit loss (if any)
credit fixed asset account
credit profit (if any)
Wiki User
∙ 9y ago
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How do you write Journal entry for equipment rent to somebody?
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
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 when you have not fully depreciated as asset that no longer exists?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
How do you write Journal entry for equipment rent to somebody?
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
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 when you have not fully depreciated as asset that no longer exists?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
Journal entry for ammortization of furniture?
Furniture is depreciated as it is tangible assets while intangible assets are amortized.Debit depreciationCredit Furniture
What is journal entry owner widraws equipment from business?
debit drawingscredit equipment
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
What is the journal entry to write off not a fully depreciated asset?
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
What is the journal entry to write off a fully depreciated asset that was sold?
dr a/d---xxx dr loss --xxx dr cash--xxx cr---equipment xxx (If at a loss; if sold at a gain then credit gain on disposal)
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 a journal entry to buy equipment with common stock?
Equipment is not actually bought using common stock rather it is purchased from cash by issuing common stock so journal entry is : [Debit] Equipment [Credit] Cash / bank
How do you do a journal entry for sale of equipment with a promissary note?
debit equipment accountcredit promisary note
