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

    Mar 9, 2011, 02:59 PM
    In the sale of an asset, which accounts are affected?
    In the sale of an asset, which accounts are affected?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 9, 2011, 04:19 PM

    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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