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    BERNIEO1's Avatar
    BERNIEO1 Posts: 1, Reputation: 1
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    #1

    May 22, 2009, 04:24 AM
    Journal entry
    Need to create jnl- sale of motor asset,fully depreciated and made a profit on it
    What the jnl entries
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    May 23, 2009, 11:03 AM

    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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