0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is the journal entry to remove asset before it is fully depreciated?
[Debit] Cash / bank xxxx [Debit] Loss on sale of asset (if any) xxxx [Debit] accumulated depreciation xxxx [Credit] Asset xxxx [Credit]Profit on sale of asset (if any) xxxx
When a sale is made to a customer on credit it creates an a r which is classified by your company as?
Asset
How should I record the Sale of an asset and loss on sale in accounts of a business?
Cash/New Machinery (debit) Accumulated Depreciation - Old machinery (debit) Loss on Sale of Asset (debit) Old Machinery (credit) Cash (if money paid for new machinery in exchange) (credit)
When a sale is made to a customer on credit it creates an Accounts Receivable which is classified by your company as?
an asset
What is the Journal entry for loss on sale of equipment?
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
What records a decrease in a asset?
Credit balance records a decrease in fixed assets like depreciation or loss of asset or sale of asset etc.
What will increase one asset and decrease another asset?
There are many transactions that do this. If you receive a payment on account from a customer, you increase Cash and decrease Accounts Receiveable. If you pay for raw materials or merchandise with cash, you increase Inventory and decrease Cash. You can also increase Fixed Assets and decrease Cash if you buy an asset with cash. Moving product from Raw Materials to Finished Goods Inventory is another example. Moving excess cash to an investment account does the same thing. When you make a sale, you decrease Inventory and increase Accounts Receivable.
What is the journal entry to remove asset before it is fully depreciated?
[Debit] Cash / bank xxxx [Debit] Loss on sale of asset (if any) xxxx [Debit] accumulated depreciation xxxx [Credit] Asset xxxx [Credit]Profit on sale of asset (if any) xxxx
When a sale is made to a customer on credit it creates an a r which is classified by your company as?
Asset
Decrease an asset account and decrease a liability account?
if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.
How should I record the Sale of an asset and loss on sale in accounts of a business?
Cash/New Machinery (debit) Accumulated Depreciation - Old machinery (debit) Loss on Sale of Asset (debit) Old Machinery (credit) Cash (if money paid for new machinery in exchange) (credit)
When a sale is made to a customer on credit it creates an Accounts Receivable which is classified by your company as?
an asset
What is the Journal entry for loss on sale of equipment?
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
What is the journal entry to record fixed asset disposals?
[Debit] Accululated Depreciation xxxx [Debit] Loss on disposal of asset xxxx [Credit] Asset account xxxx Entry 2 [debit] Profit and loss account xxxx [Credit] Loss on disposal of asset xxxx
When a credit sale takes place?
liabilities will increase
What will increase an asset and increase owners equity?
The recording of a profitable transaction will increase an asset and increase owners equity such as the sale of a product: Either Cash or Accounts Receivable would increase; and Current Profit increases (which is included in owners equity).
What is the journal entry to record sale of donated assets?
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
