purchased a fax machine of 1800.had a useful life of 3yrs & a salvage value of 300.use DDB depreciation method. Company offered to buy the fax machine for 1000.( proceeds received upon purchase)

purchased fx machine 1800. Useful life of 3 yrs.salvage value of 300. Another company offered to buy the fx machine for 1000.(proceeds received upon purchase) which accounts do I use to post in the journal?

The accounts you'll use are

Cash
Accumulated Depreciation
Fixed Assets - Fax machine (or some similarly-titled fixed asset acct)
Gain or Loss on Sale


You already know the cash and fixed assets amounts for the entry. For the others, it'll depend on when the asset was sold--i.e. how much depreciation had been taken up to the date of the sale.