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Home > Business & Careers > Accounting   »   Fixed asset

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Old Mar 29, 2007, 04:43 AM
sparksinteriors
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Fixed asset
How do I catergorize and enter into the checkbook?

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Old Mar 29, 2007, 12:29 PM   #2  
CaptainForest
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What is the question you are asking?
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Old Mar 30, 2007, 06:04 AM   #3  
sparksinteriors
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When you sell a fixed asset how is that categorized in the check book - it is not income -
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Old Mar 30, 2007, 05:10 PM   #4  
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Example 1:
Let’s say you have a truck at $35,000
It’s accumulated amortization is at $25,000
You sell if for $15,000 cash

The JE would be:
Dr. Cash 15,000
Dr. Accumulated Amortization 25,000
Cr. Truck 35,000
Cr. Gain 5,000 (just a plug of the other 3 numbers)


Example 2:
Same as Example 1, but now you sell if for $5,000 cash

The JE would be:
Dr. Cash 5,000
Dr. Accumulated Amortization 25,000
Dr. Loss 5,000 (just a plug of the other 3 numbers)
Cr. Truck 35,000
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