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MindyLou
March 9, 2023
Question

FIXED ASSET DISPOSAL

  • March 9, 2023
  • 1 reply
  • 0 views

I have a fixed asset that has been fully depreciated.  We sold for $11,000 it and I sent an invoice through QuickBooks and they paid so the sale is recorded in AP.  I now need to record the entry to remove it from our books.  Can someone please help?

1 reply

Rainflurry
Rainflurry
March 10, 2023

@MindyLou 

 

See the journal entry below.  You will need to fill in the blanks with the original cost of the fixed asset and the accumulated depreciation which will be the same since it was fully depreciated.

 

 DebitCredit
Bank Account11,000 
Accumulated Depreciation (to close)??? 
     Gain On Sale 11,000
     Fixed Asset (Original cost - to close) ???

 

 

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