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-   -   Sale of truck-journal entry (https://www.askmehelpdesk.com/showthread.php?t=86310)

  • Apr 25, 2007, 05:05 PM
    wwilki5796
    Sale of truck-journal entry
    Company sold a used truck for 24,000. Original cost 62,000 and total depreciation of 18,000. Prepare journel entry to record sale of truck


    I got

    Dr Acc. Depreciation 18,000
    DR cash 24,000
    DR lost of sale 20,000
    Cr truck 62,000

    I don't think I'm right, I don't think I put in loss of sale
  • Apr 25, 2007, 08:27 PM
    KongTheKonqueror
    Looks good. Truck has a book value of 44,000 (62,000-18,000) and sold for a loss of 20,000 (44,000 Book Value- 24,000 cash received).

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