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jwhitch
Nov 24, 2011, 12:00 PM
I have to remove a vehicle from our company vehicle asset account. It was not sold, just scrapped so no money was received. What would be my offset entry? I know that if I decrease the asset I have to decrease a liability account but I have no idea what account that would be.

ksrock
Jul 25, 2012, 12:03 PM
You credit the vehicle asset account and debit the accumlated depreciation, if not fully depreciation the difference goes to losses realized