churchhelp
Mar 9, 2011, 02:59 PM
In the sale of an asset, which accounts are affected?
pready
Mar 9, 2011, 04:19 PM
It depends on the type of asset and how it was sold. For example did you sell inventory or PP&E. Did you receive cash, was the sale on account or a notes payable, did you receive equipment in an exchange, or did you receive stock.
You have to analyze the particular transaction to be able to answer the question.