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    sparksinteriors's Avatar
    sparksinteriors Posts: 2, Reputation: 1
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    #1

    Mar 29, 2007, 05:43 AM
    Fixed asset
    How do I categorize and enter into the checkbook?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Mar 29, 2007, 01:29 PM
    What is the question you are asking?
    sparksinteriors's Avatar
    sparksinteriors Posts: 2, Reputation: 1
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    #3

    Mar 30, 2007, 07:04 AM
    When you sell a fixed asset how is that categorized in the check book - it is not income -
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Mar 30, 2007, 06:10 PM
    Example 1:
    Let's say you have a truck at $35,000
    It's accumulated amortization is at $25,000
    You sell if for $15,000 cash

    The JE would be:
    Dr. Cash 15,000
    Dr. Accumulated Amortization 25,000
    Cr. Truck 35,000
    Cr. Gain 5,000 (just a plug of the other 3 numbers)


    Example 2:
    Same as Example 1, but now you sell if for $5,000 cash

    The JE would be:
    Dr. Cash 5,000
    Dr. Accumulated Amortization 25,000
    Dr. Loss 5,000 (just a plug of the other 3 numbers)
    Cr. Truck 35,000
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