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annisler
Nov 19, 2014, 09:32 AM
I need to clear out the fixed asset account to zero what would be the entry?

Debit Accum Dep and Credit What?

Debit Furn & Equip and Credit What?

paraclete
Nov 19, 2014, 02:14 PM
Profit or loss on disposal.

It would be usual to combine the entries. you need to sort out the debits and credits in what you propose, the asset account usually has a debit balance which should be credited