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  • May 22, 2009, 04:24 AM
    BERNIEO1
    Journal entry
    Need to create jnl- sale of motor asset,fully depreciated and made a profit on it
    What the jnl entries
  • May 23, 2009, 11:03 AM
    pready

    Accounts that will be used are:
    Debit Cash (or appropriate account) for the amount received or will receive
    Debit Accumulated Depreciation for the amount of Depreciation that has accumulated
    Credit the appropriate Equipment account for the cost of the equipment
    Credit Gain on Sale account for the difference

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