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-   -   In the sale of an asset, which accounts are affected? (https://www.askmehelpdesk.com/showthread.php?t=560936)

  • Mar 9, 2011, 02:59 PM
    churchhelp
    In the sale of an asset, which accounts are affected?
    In the sale of an asset, which accounts are affected?
  • Mar 9, 2011, 04:19 PM
    pready

    It depends on the type of asset and how it was sold. For example did you sell inventory or PP&E. Did you receive cash, was the sale on account or a notes payable, did you receive equipment in an exchange, or did you receive stock.

    You have to analyze the particular transaction to be able to answer the question.

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