Blog
-
Quickbooks Learn & Support Online QBO Support How do I create a journal entry for the sale of a fixed asset vehicle with a loan liability paid off by dealership? I am having trouble figuring out how to complete the necessary journal entries to record the sale of a fixed asset vehicle thats outstanding loan was paid by the dealership, but had negative equity. I understand how to remove the asset accumulated depreciation accounts, but from there I am lost. Old vehicle: Original cost $243,70 Accumulated Depreciation $243,70 Loan Balance: $15,259 New vehicle: Cost $31,435 which includes $2,759 negative equity New loan: $31,435 Down Payment the tricky part for me: Old Vehicle Trade in Value: $9500 Less old vehicle payoff: $15,259 Equals Net Trade In: $5759 Plus Cash Down Payment: $3,000 leaves $-2,759 which was added to the purchase price of the new vehicle. So I understand for the sale of the asset, I: Debit Old Vehicle Accumulated Depreciation: $24,370 Credit Old Vehicle Fixed Asset: $24,370 Credit Gain Loss on Sale of Asset: $9,500 I believe I am then supposed to create a current liability account named asset sale deposit to show the $15,259 paid by the dealership to close my old loan, but I do not know to show the Debits and Credits for this entry, or how to close the old loan, show the new vehicle and the new loan, Greatly appreciate anyone that can walk me through the journal entries in order
2022. 05. 19. | 0 Comments
-
How to account for the sale of land
2022. 05. 19. | 0 Comments
-
Swift Programming Language: Execs And Cons For Ios Improvement
2022. 05. 18. | 0 Comments
-
6 Ways to Celebrate Your Sobriety Every Day
2022. 05. 05. | 0 Comments
-
Sobriety Anniversaries: How to Celebrate Your Sober Milestones
2022. 05. 04. | 0 Comments
-
Wave Accounting Review 2023
2022. 05. 04. | 0 Comments
-
Wave Accounting Reviews 7 Reviews of Waveapps com
2022. 05. 02. | 0 Comments