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    Crystal Clear's Avatar
    Crystal Clear Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jun 18, 2009, 02:20 PM
    Sale of a plant asset?
    On July 23rd a used truck was sold for $3,500. The truck had an original cost of $2,200 and accumulated depreciation on the date of sale $1,200. How would I journalize this?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Jul 1, 2009, 07:22 AM

    Debit Cash 3,500
    Debit Accumulated depreciation 1,200
    Credit Vehicles 2,200
    Credit Gain on disposal of vehicles 2,500
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