How to record a loss on the sale of equipment?
Answers
Answered by
0
Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit theloss on sale of asset account, and credit the fixed asset. Gain on sale. Debit cash for the amount received, debit all accumulated depreciation, credit the fixed asset, and credit the gain on sale of asset account.
Similar questions
India Languages,
6 months ago
English,
6 months ago
Accountancy,
1 year ago
Computer Science,
1 year ago
Math,
1 year ago