Karen:

The quick answer is Debit Bank for selling price and Credit Gain or Loss on Disposal of Capital Equipment/Vehicle. The long answer is Credit to the Vehicle asset account for the original purchase price of the vehicle, Debit Vehicle Accumulated Depreciation/Amortization for that particular vehicle, credit to the Gain or Loss on Disposal of Capital Equipment/Vehicle, debit Bank for money received and credit Gain or Loss on Disposal of Capital Equipment/Vehicle.

Hope that is not too confusing!

Hi Karen, the LOOONNNNGGG Version that Agate mentioned is what we use.  :-)

Thank you for this.

Is it difficult to figure out the depreciation/amortization of a vehicle?  Not sure where to get that information or how to figure it out.  Thank you.

Hi Karen:

You may have to talk to your accountant to determine the accumulated depreciation unless you have a record of when the item was purchased, amount and depreciation to date.

Thanks so much for your help, greatly appreciated.

Hi KarenCoffee, happy to see that the community helped you figure out a solution!

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