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Cfrance
Level 1

Jounal Entry for sale of vehicle

hi, I've sold a Fixed asset and would like some assistance recording the transaction properly. The asset was not fully depreciated and a deposit was paid on sale price. The balance is expected to be paid in increments. See details. 

Fixed Asset cost - $38,000

Accm. Depr. - $18,999.90

Sales price - $17,000

Deposit - $8,500

2 Comments 2
gayatriluthfias20
Level 7

Jounal Entry for sale of vehicle

Hi @Cfrance , it is deposite 8,500 so did you have receivable 8,500 (17,000-8,500) or was it fully paid?  Comment back, cheers.

Cfrance
Level 1

Jounal Entry for sale of vehicle

Hi thanks for the reply. I have receivable of 8,500 as a deposit. The balance of 8,500 will be paid back in increments. 

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