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Jun 08, 2018
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Recording Company Vehicle Expense
by: Stephanie

Thank you for your company vehicle bookkeeping question.

The scenario above would be recorded in QuickBooks as follows:

CREDIT Company Vehicle ORIGINAL VALUE OF ASSET
DEBIT Accumulated Depreciation by TOTAL ACCUM. DEPR. USED
(should be the same as the original value of asset)

DEBIT Cash Account $17,500
CREDIT Gain on Sale of Asset $17,500 (Other Income Account)

Nov 21, 2010
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Record Vehicle With Accumulated
by: Anonymous

How do you record the following as an adjusting entry?

Sold one vehicle for $15000 on July 1. The vehicle original cost was $20000 and its accumulated was $7000 at the time of the sale.

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