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View Full Version : Sale of a plant asset?


Crystal Clear
Jun 18, 2009, 02:20 PM
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
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