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    annisler's Avatar
    annisler Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 19, 2014, 09:32 AM
    I need to do a JE to clear out the fixed asset account. What is the JE
    I need to clear out the fixed asset account to zero what would be the entry?

    Debit Accum Dep and Credit What?

    Debit Furn & Equip and Credit What?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Nov 19, 2014, 02:14 PM
    Profit or loss on disposal.

    It would be usual to combine the entries. you need to sort out the debits and credits in what you propose, the asset account usually has a debit balance which should be credited
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