Journal entries and calcutaions for asset sales

Assignment Help Finance Basics

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

Questions Cloud

Eminent domain to move towns out of flood prone areas : I am looking for ideas about why it may or may not be a good idea to use eminent domain to move towns out of flood prone areas? Is it possible to argue both sides?

Capital valuation-walmart : Justify the current market price of the organization's (Walmart) debt, if any, and equity using various capital valuation models.

Praises to the marketplace system also ownership : We give praises to the marketplace system also to the institution of private ownership of resources. But here we will find cases where firms do not act in the best interest of society.

Explain effectively develop recruitment tools : Details regarding Human Resources - Why must the recruitment planning and strategy development phases be completed to effectively develop recruitment tools

Journal entries and calcutaions for asset sales : An asset that was purchased in Feb. 2008 for $25,000 has been depreciating through straight line value method for the past 4 years.

The alos average length of stay : Key indicators are numbers or ratios that are not strictly financial. For example if you work with inpatient care, the ALOS-Average Length of Stay is a key indicator. In your organization what is the most commonly used?

What processes and properties would you include : Visual Basic.NET allows you to create your own classes. Provide an instance of a useful class you could create. What methods and properties would you include? Show an example of a method declaration for your class.

Pros and cons of routers and switches : Explain to your team the differences between routers and switches. Compare them and list the pros and cons of using each type of hardware.

Explain about affirmative action program regulations : What are the affirmative action program regulations that organizations must follow and How do these regulations affect an organizations recruitment process

User Account

All Pages