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  • Dec 15, 2008, 02:17 PM
    AccountantPCT
    Sale of Assett
    I have a sale of as assett on the books for 5500.00 it was sold for 1000.00 how do I go about taking it off the books?
  • Dec 16, 2008, 10:45 PM
    codyman144

    The asset no longer exisits. And you sold it for a loss.

    That's all the HW hints you get from me tonight
  • Dec 18, 2008, 07:51 AM
    pready

    You will Debit Cash for 1,000
    Debit Accoumulated Depreciation of the Asset for the amount of accumulated depreciation
    Credit the Asset for the amount for 5,500
    Either debit or credit any loss or gain on the sale.

    First you need to get your accumulated depreciation up-to-date of the asset.

    Debit Depreciation Expense for the amount of depreciation
    Credit Accumulated Depreciation for the amount of depreciation

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