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What are the accounting entries for a fully depreciated car ...


If you sell the car after it is fully depreciated, you 1) debit Cash for the amount received, 2) debit Accumulated Depreciation for the car's accumulated depreciation, 3) credit the asset ... Gain on Sale of Vehicles for the amount necessary to have the entry's debit dollars equal to credit dollars. ... What is an outstanding d...

How to make an entry for selling a fixed asset that has fully de ...


Type Selling a fixed Asset in the dialogue box and click t. ... a QB class to set up a purchased vehicle (no vehicle Loan) as these accounts: Fixed Asset ... The only journal entry I made was >debit the fixed asset company vehicle 1 >credit the ... How do I remove Fixed Assets that are fully depreciated from my Balance Sheet?

How do I write off a fixed asset? - Questions & Answers ...


Nov 7, 2010 ... If the asset is fully depreciated, that is the extent of the entry. For example, ABC ... Then there would be a loss of $5,000 on the sale. The entry ...

How to Deal with the Disposal of Fixed Assets - For Dummies


Whatever the circumstance, you need to make sure the client has completely removed the asset's cost and its accumulated depreciation from the balance sheet.

Journal Entries Examples of Depreciation | Accounting Education


Sep 2, 2011 ... Simple journal entry will be done by writing depreciation account debit ... a) Depreciation on fixed assets is the loss of business, and every loss ... Depreciation rate is 10% and it is charged with diminishing balance method. .... When Profit on sale of investment will be transfer to depreciation fund account

Adjusting Financial Statements for Depreciating Assets - For Dummies


If assets are close to being fully depreciated, the report reader knows that you'll ... he takes that future obligation into consideration before making a decision to loan money to ... The entry also increases Accumulated Depreciation, which is the use of the asset and appears on the balance sheet under the Vehicles asset line.

Plant Assets and Depreciation | WyzAnt Resources - Tutors


Depreciation expense spreads the cost of major equipment and assets over a period ... This includes the purchase price paid, sales tax, shipping and installation .... This journal entry does not balance; is the beginnings of a journal entry, and ...

Selling Fixed Assets Gain Or Loss Accounting Treatment


Selling fixed assets -- top line revenue or gain/loss "Other income" ... the asset should be reclassified on the Balance Sheet from "Held and Used" under PPE to "Held for Sale" ... Journal Entries for Disposal By Sale of Asset "Held for Sale" ... CR Equipment Held for Sale 840 (Move it back to dep...

How to book the trade-in of an asset - American Institute of ...


trade-in allowance is $3,000. What is the journal entry to record the trade-in? Copier (new). 25,000. Accumulated Depreciation. 12,000. Loss. 5,000. Copier ( old).

Capital Assets and Long Term Debt Accounting Entries


CAPITAL ASSET/LONG-TERM DEBT ACCOUNTING ENTRY EXAMPLES ... Equipment with a purchase price of $15,000 and fully depreciated was sold for the $2,000 ... Sale of Fixed Assets .... The Compensated Absence balance at June 30 was $39,695,000, a decrease of $3,250,000 over last year's ending balance.

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How to record sale of an asset with a loan balance being paid by bank


journal entries for the full amount in the account. debit accumulated depreciation credit gain loss debit gain loss credit asset account. debit loan account

How do I record the disposal of assets? - Questions & Answers ...


Feb 17, 2013 ... An asset disposal may require the recording of a gain or loss on the transaction in ... a clean balance sheet, so that the recorded balances of fixed assets and ... At that time, the machine is fully depreciated, ABC gives it away, and records the following entry. ... There are no comments for this journal entry.

Example of Gain or Loss on the Sale of Fixed Assets


You must also make entries to remove the Asset from the books and to remove any Accumulated Depreciation on the books for that Asset. The result is that the ... The account that will be used to balance the debits and credits is called Gain on Disposition of Fixed Assets. ... to the sale. These Journal entries will look like this: .