Gain or Loss on Sale of an Asset | Accounting How To | How to Pass Accounting Class

Gain or Loss on Sale of an Asset | Accounting How To uses three sample assets to explain gain or loss on sale or disposal of a fixed asset. It introduces the accounts: gain on sale of an asset and loss on sale of an asset, provides the account type and normal balances for those accounts, and walks through the journal entries needed to record the sale or disposal of an asset. It provides tips for shortcuts to building the journal entries. This video is part of the Depreciation Methods Playlist and the How to Pass Accounting Class Playlist. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of the playlist series How to Pass Accounting Class and Understanding Adjusting Journal Entries. ⏰ Accounting How To Time Stamps: 00:00 Introduction 00:55 New Account: Gain on Sale of an Asset (Gain on Sale of a Fixed Asset, Gain on Disposal of an Asset) 01:51 New Account: Loss on Sale of an Asset (Loss on Sale of a Fixed Asset, Loss on Disposal of an Asset) 02:19 Introduction to Other Revenue and Other Expense 02:37 Gain or Loss on Sale of Investment 03:43 Net Book Value 04:18 Revisiting Depreciation Methods 05:04 Example Asset Sale #1 09:31 Example Asset Sale #2 10:55 Example Asset Sale #3 12:55 Tips and Hacks 🏋 Depreciation Exercises: Download the spreadsheet: