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That really depends on several things. What accounting method are you using?
Has the equipment been depreciated down to salavage value?
Has the equipment actually been paid for yet?
Yes, initially, you would debit your cash account for the amount received for the equipment, but you wouldn't stop there. A lot of other accounts would be affected as well.
If this equipment has already been depreciated down to salvage value, and you receive more than salvage value in cash for it, then you have a capital gain. If you sold it for less than salvage value, you have a loss. What is the current value on the books for this equipment? If you sold it for more of less than that value, you have a gain or a loss.
Do you even have this equipment listed as assets?
What else can I help you with?
How do you record journal entry for cash?
if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
What is Dividends received in cash flows statement?
Dividend received is the amount received by company from investing in other companies and shows in cash flows from investing activities.
The net amount expected to be received in cash from receivables is termed the?
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How does equipment affect cash flow?
Purchase or sale of equipment has direct relation with cash flows if the process is completed with cash that is, if equipment purchased with cash then it will reduce the cash and if equipment is sold in cash then it will increase the cash but if equipment is received or paid for goods or services then it has no direct impact on cash flow.
How can I determine the amount of cash received from customers?
To determine the amount of cash received from customers, you can add up all the cash payments made by customers for goods or services sold. This total amount represents the cash received from customers.
How do you record journal entry for cash?
if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.
When will the cash book have a credit balance?
When there is a large amount of expenses debited or no amount of cash received then it is obviously the cash book is credit balance.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
If you own a company and you give the company cash and equipment in exchange for common stock how is that listed on the companies spreadsheet?
In a cash-for-equity situation: * Increase the cash account by the amount of cash given * Increase the paid in capital account by the amount of cash given In an equipment-for-equity situation: * Increase the fixed assets account by the net value of the equipment (after depreciation to date) * increase the paid in capital account by the net value of the equipment
What is Dividends received in cash flows statement?
Dividend received is the amount received by company from investing in other companies and shows in cash flows from investing activities.
The net amount expected to be received in cash from receivables is termed the?
l
What does less cash received mean on a banking deposit slip?
The amount out of the check that you are receiving in cash.
What happens when equipment is purchased for cash?
The person that had equipment now has cash and the person that had cash now has equipment.
How are Payments to be applied to Accounts Receivable?
When a payment is received from a customer the adjusting entry is really simple. Cash has to be adjusted for the amount received since the company is actually receiving cash. Accounts recievable will also be adjusted to show payment was received. For example if the payment was in the amount of $500, you would want to Debit Cash and Credit Accounts Receivable, both for that amount of $500.
How can I determine the amount of cash collected from customers?
To determine the amount of cash collected from customers, you can add up all the cash payments received from customers during a specific period of time, such as a day, week, or month. This total amount represents the cash collected from customers.
