Definition Gain or Loss on Sale of Assets

glossary: Gain or Loss on Sale of Assets definition
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Glossary: Gain or Loss on Sale of Assets

This is where you account for assets you sell or dump. If you sell a vehicle, you have its value on that up to date list of assets you keep. You also have a record of how much it has been depreciated. You enter the cash you make off that sale in 1001, cash. Then you balance that entry with a credit to the asset account and a debit to the accumulated depreciation account, and whatever it takes to make those number balance is your gain, or loss, on that sale.



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Definition: Gain or Loss on Sale of Assets

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