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    wwilki5796's Avatar
    wwilki5796 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Apr 25, 2007, 05:05 PM
    Sale of truck-journal entry
    Company sold a used truck for 24,000. Original cost 62,000 and total depreciation of 18,000. Prepare journel entry to record sale of truck


    I got

    Dr Acc. Depreciation 18,000
    DR cash 24,000
    DR lost of sale 20,000
    Cr truck 62,000

    I don't think I'm right, I don't think I put in loss of sale
    KongTheKonqueror's Avatar
    KongTheKonqueror Posts: 75, Reputation: 13
    Junior Member
    		  
    #2

    Apr 25, 2007, 08:27 PM
    Looks good. Truck has a book value of 44,000 (62,000-18,000) and sold for a loss of 20,000 (44,000 Book Value- 24,000 cash received).
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