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Home > Education > Homework Help > Finance & Accounting   »   je for disposing of asset

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Old Jul 15, 2006, 03:47 PM
rblum
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je for disposing of asset
How do you record the disposal of an asset when it has been partly depreciated and you didn't get anything for the asset. EX.

Furniture cost 8000
Accum Deprec 5000


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Old Jul 15, 2006, 04:59 PM   #2  
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Dr. Accum Deprec 5,000
Dr. Loss on disposal of asset 3,000
Cr. Furniture 8,000
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Old Jul 15, 2006, 05:01 PM   #3  
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what kind of account is the 'loss on disposal of asset' ?
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Old Jul 16, 2006, 08:43 PM   #4  
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It would be an expense.

Deduct it from your net income.
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