PDA

View Full Version : Journal entry


BERNIEO1
May 22, 2009, 04:24 AM
Need to create jnl- sale of motor asset,fully depreciated and made a profit on it
What the jnl entries

pready
May 23, 2009, 11:03 AM
Accounts that will be used are:
Debit Cash (or appropriate account) for the amount received or will receive
Debit Accumulated Depreciation for the amount of Depreciation that has accumulated
Credit the appropriate Equipment account for the cost of the equipment
Credit Gain on Sale account for the difference