Question
Sold a desk to Jim Adams for $250. The bookshelves were purchased for a cost of $1,225 on September 30, 2011 along with other office
Sold a desk to Jim Adams for $250.
The bookshelves were purchased for a cost of $1,225 on September 30, 2011 along with other office furniture costing $49,525 (total purchase was $50,750). The bookshelves were fully depreciated at the end of 2016.
The entry I have is
Debit
A/R 250
A/D 1225
Credit
Gain 250
Fixed Asset 1225
How would this (or the correct transaction) be recorded on the subsidiary ledger?
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Audit Risk Alert Employee Benefit Plans Industry Developments 2017
Authors: AICPA
1st Edition
1945498722, 978-1945498725
