What is the journal entry to record sale of assets?
by 
natalie1225
ANSWERS: 3
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Dr Cash at bank or Accounts recievable Cr Asset
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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
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Dr. cash/bank/debtor Cr. asset
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