[AccountantPCT]

I have a sale of as assett on the books for 5500.00 it was sold for 1000.00 how do I go about taking it off the books?

[codyman144]

The asset no longer exisits. And you sold it for a loss.

That's all the HW hints you get from me tonight

[pready]

You will Debit Cash for 1,000
Debit Accoumulated Depreciation of the Asset for the amount of accumulated depreciation
Credit the Asset for the amount for 5,500
Either debit or credit any loss or gain on the sale.

First you need to get your accumulated depreciation up-to-date of the asset.

Debit Depreciation Expense for the amount of depreciation
Credit Accumulated Depreciation for the amount of depreciation