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How do I record the cash received on the sale of a fixed asset?
We have sold one of our company vehicles and I need to know where I record the cash received from the sale. I know I'll have to do a journal entry to remove the fixed asset and accumulated depreciation from our books. Would the initial cash received go against a Miscellaneous Income account verses the Gain/Loss on fixed asset account?
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The Cash received would be Debited to the Cash Account and the Accumulated Depreciation Account will be debited as well, and the Credit will be to the Fixed Asset's acount with the Difference Between the Debits and Credits will either be debit or a credit to Gains/Losses which goes in Other revenues and Expenses section of the Income Statement. |
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