0
When an asset is damaged beyond repair and you scrap it, you write it off. It may or may not be fully depreciated at that time. If it's not fully depreciated yet, your amt for Fixed assets written off would equal to the net book value. When you write off an asset, you don't get any proceeds for it.
When you dispose of an asset by selling it, you'd get some proceeds from the sale and you use this amt to calculate your gain or loss on sale of fixed asset.
Add your answer:
Earn +20 pts
What is the journal entry to write of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is the journal entry to write off a fully depreciated asset that was sold?
dr a/d---xxx dr loss --xxx dr cash--xxx cr---equipment xxx (If at a loss; if sold at a gain then credit gain on disposal)
What is the difference between impairment and write off?
the same things
What is The periodic write-off of an intangible asset?
amortization
What is the journal entry to write of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
What is the journal entry to write off a fully depreciated asset?
[Debit] Cash (if any) xxxx [Debit] Accumulated depreciation xxxx [Debit] Loss on disposal of asset (if any) xxxx [Credit] Asset account xxxx [Credit] Profit on disposal of asset(if any)xxxx
What is the difference between wright And write?
Type your answer here... WHAT IS DIFFERENCE BETWEEN WRIGHT AND RIGHT
Define write-off in medical billing?
Write off is the difference between total charge and the allowable amount by the insurace. Write off is the difference between total charge and the allowable amount by the insurace.
Journal entry to write off an asset?
debit accumulated depreciationcredit asset
What is the journal entry to write off a fully depreciated asset that was sold?
dr a/d---xxx dr loss --xxx dr cash--xxx cr---equipment xxx (If at a loss; if sold at a gain then credit gain on disposal)
How do you write the difference between 9 and a number?
x-9
What is the difference between impairment and write off?
the same things
What is the difference between write offs and write downs?
Write offs are things you can get rid of with taxes. The write down's will have to be dealt with by accounting in the budget.
Difference between Write off and adjustment in medical billing?
Co45 is adjustment co29 is write off
How do you write the difference between ninety and another number?
90 - n
What is The periodic write-off of an intangible asset?
amortization
