Journal entries and calcutaions for asset sales

Reference no: EM1332777

Can someone please explain in detail (using excel) how I would book the following example:

1. An asset that was purchased in Feb. 2008 for $25,000 has been depreciating via straight line method for the past 4 years.

2. Then, we sold the asset in June 2012 for $1,800.

How do I book the transactions and what accounts do I need to hit?

Cash account is 100-1000
Asset account is 135-0000
Accumulated Depreciation account is 127-0001
Depreciation Expense account is 535-0050

Reference no: EM1332777

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