Disposal Not Fully Depreciated & Cash Received - Financial Accounting

in accounting •  7 years ago 

We will record a journal entry related to the disposal of a fixed asset that is not fully depreciated and for which cash has been received. We will start out by recording any remaining depreciation needed as of the time of the equipment disposal. We will then debit cash for the amount received in salvage, credit the equipment account, debit accumulated depreciation and record any related gain or loss with a credit or debit.
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7 years ago by

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