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by dostew on March 11th, 2008
It also depends on the asset.
If the asset is an inventory item you would do this:
Debit Cash (Asset Account)
Credit Sales Revenue (Revenue Equity Account)
Debit Cost of Goods Sold (Expense Equity Account)
Credit Inventory (Asset Account)
If the asset was sold, but not paid for, then you would Credit Accounts Receivable (Liability Account) until paid for in cash.
If it is a fixed asset (like a building, vehicle, machinery, etc), sold for cash.
Debit Cash
Debit Accumulated Depreciation
Credit Building
Credit Gain (if asset is sold for more than the book value (book value = original cost minus accumulated depreciation)
or
Debit Loss if asset is sold for less than the book value
by adyalian on April 10th, 2009
Dr. cash/bank/debtor
Cr. asset
by AnikaStunz on February 17th, 2008
Dr Cash at bank or Accounts recievable
Cr Asset
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