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

    Mar 15, 2012, 02:42 PM
    Journal entry for vehicle turned in for another
    How do you zero out a fixed asset car when you purchase another one?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 16, 2012, 03:56 PM
    You remove the value of the vehicle from the asset account, the value of the accumulated depreciation from the accumulated depreciation account, and the value of the sale from the asset sales account, what ever remains is a profit or loss on sale carried to the profit and loss account. The value of the new vehicle is added to the asset account
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