Disposal of fixed assets is accounted for by removing cost of the asset and any related accumulated depreciation from balance sheet, recording receipt of cash and recognizing any resulting gain or loss in income statement.
Some companies elect to charge the whole-month depreciation in the income statement in the month of purchase and do not charge any depreciation expense in the month of disposal, and vice versa.Journal entriesDepreciation expense can be recorded using the following journal entry:...
b. The equipment was sold for 150,000, net of 40,000 disposal costs. The net proceeds were used to fully settle the note payable. The creditor canceled the balance. c. The land was sold for 1,500,000. Disposal costs of 100,000 were incurred on the sale. The net proceeds were used...
The posting date of the final journal entry. Errors detected The error messages that relate to the transaction, if any. Transferred on The transfer date for the transaction. Transferred by The user who transferred the voucher. Transferred to journal ...
View or revise the name for the location where payments are sent and view or revise the mailing address of that location. This is the mailing address that is printed on remittances and checks. Bank Enter or view information about the bank from which the payment is made. Fixed assets Enter ...
Fewer than five years passed between the date when the fixed asset was put into operation and the disposal date. The fixed asset was sold to the affiliated customer. FA depreciation This tax register determines the amount of depreciation for fixed assets. The amount of depreciation is required ...
AssetDocumentEntry_JP First included in: WorksheetLine/LedgerJournalTrans_Asset (this entity) Properties 展开表 NameValue dataFormat int64 isNullable true Traits List of traits for the AssetDocumentEntry_JP attribute are listed below. is.dataFormat.integer is.dataF...
Journal Entries & Trial Balance | Differences & Examples from Chapter 3 / Lesson 10 163K Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples. Related to this QuestionHow...
Taxable Income for Companies Divisibility Accounting of Property Dividend Property Dividend Journal Entry At the Time of Declaration At the Time of Distribution Final Words Property dividend usually includes physical assets that a firm owns, including, real estate, investments, and even shares of its ...
Enter a description for the offset journal entry. Exchange rate The currency exchange rate that applies to the transaction. Secondary exchange rate The secondary exchange rate. Calculation method The basis for the calculation of the cross rate. Cross rate The cross rate for the transaction. Prepayme...