Hello,
I would like to know what journal entry should be prepared if I sell an asset that was fully depreciated. Thank you.

Well, you don't say what its original cost or salvage value is (could give an example but look at next sentence). You should always give it a try just so we know you aren't lazy and looking for answers (if it's a hw question that is). Post these then we can help I suppose.

I Believe I Should Take The Fully Depreciated Asset Off The Books, My Journal Would Be:
Dr.accumulated Depr
Cr. Fixed Asset

Dr.cash
Cr.misc Income

I believe this would be correct.

Good Job ;)

Now if the asset had no salvage value I believe it would just be these 2 accounts. (I'm not sure so someone correct me if I am wrong please)

dr. accum depr.
cr. Asset

If the asset had a value of 100,000 and accumulated amortization was 100,000.

Then you would
Dr. Accumulated Amortization 100,000
Cr. Asset 100,000

Dr. Cash received from sale
Cr. Revenue

That would be the JE when you have fully depreciated the asset so that the book value of the asset is 0 (therefore you expected no salvage value from it, so anything is a bonus/income)


If the asset was fully depreciated but there was a salvage value..
So let's say total accumulated amortization was at 90,000

The JE would be:
Dr. Accumulated Amortization 90,000
Cr. Asset 100,000
Dr. Cash received from sale
Cr. Revenue or Dr. Gain or No entry (depending on if you got cash of 10,001 or more, 9,999 or less or 10,000 even)

Sale of a old press for $200.00 cash, original cost $1,000.00, fully depreciated. What would be the correct JE for the following transaction?

This is a duplicate question.