[ELWarren]

I sold one of our trucks, and the purchaser wanted to pay with a credit card. So I had to process the transaction in Quickbooks on a sales receipt in order to process the credit card pmt. I know that normally I would just debit cash (or the acct where I deposit the proceeds) and credit my asset account for trucks. But, now that it is recorded as a sale, with the $$ already in my checking account - what journal entry can I make to get this out of my sales account?

[morgaine300]

Debit it back out of the sales and credit the truck.

I don't use Quickbooks and if you have to record everything run through a credit card as a sale, that's one darn good reason never to use it. How limiting!

But it's not that simply anyway, but you can't just credit the truck. You have to consider depreciation and any gain or loss. Have you been depreciating the truck? You have to catch up the depreciation to current. Then debit the accumulated depreciation balance.

The difference between the truck and the accumulated depreciation is the book value. The difference between the book value and the amount of the sale is your gain or loss. And that has to be recorded also.