FA 39 - Selling an Asset at a Gain or Loss Example

[@Mjames1010]

Hi Tony. Wanna say thank you for your efforts. I took accounting last semester and didn't pass but I discovered your channel and now Im passing with flying colors. I hope you upload an intermediate accounting playlist.

[@makecodgreatagain6049]

Yes!!! 🙏 this is the #1 problem area for accounting majors as a whole for earning that degree! Lots of people stall out in Intermediate.

[@cpa7061]

One of the most valuable FA youtubers. Your views and subscriber numbers should be higher, honestly. I hope others find your content! Edit: I'll be recommending these videos to others as well.

[@Tony-Bell]

Thank you!!!

[@jorims8537]

Hey Tony, thanks for your nice and humble way of explaining the mysteries of accounting to us. It's really helpful.

[@ZarlashtMiakhail]

Looking forward to the release of additional video playlists from you.

[@preetamm3248]

Tony u helped me get thru FA . Lovebu to the core

[@matthewmalone6726]

Tony you are saving me like Lebron down 3-1 in 2016 praise be

[@Atlas9ne]

Hi Tony this are amazing and invaluable video resources to have as a student. I was wondering if you made any videos regarding revision of useful life of an asset on depreciation. I think that would be a great add to have.

[@idkwhatimdoing361]

For the journal entry given the 75,000 sale price (selling at a loss) you debited 20,000, however could you credit (20,000) since it is a 20,000 loss?

[@Tony-Bell]

Nope - Losses are expenses and expenses take debits! If you credit "negative 20,000", you are debiting!

[@idkwhatimdoing361]

Ok, thank you so much!

[@TheMinecraftersStory]

Have you made any videoes about Incidents? Love your content! Has helped me so much! Thank you

[@fuzzywuszy]

Really great content, super helpful !

[@dasahnatova5245]

Can you please mention in your videos if entries for each transaction are on Balance Sheet or Profit and Loss. Some entries are obvious for me (for example cash = Balance Sheet), but for some I am not sure about.

[@Tony-Bell]

Good suggestion - I will definitely try to do that going forward - for now, a good rule of thumb is if it says "Rev or Exp or Gain or Loss" it's income statement, otherwise balance sheet.

[@LewisRein]

Hey Tony, regarding question b. Is it possible to write the 20.000 loss on the credit site and just write them as (20.000) or do you need to write them on the debit site? All the best!

[@Tony-Bell]

You'll need to do it the way I've done in the vid...

[@LewisRein]

@@Tony-Bell Thank you for the answer!

[@makecodgreatagain6049]

Ignore the bots Tony, trust me you explained it perfectly eloquently as is typical of your content.

[@sardormuminov4310]

there is no join button beneath?

[@esthercreft6929]

Hi, for some reason I don't have the option to join to access members access only videos. Please help

[@ryander24millersson74]

Hi Tony, how about if I sell my truck with VAT, less than I bought it for (im VAT registered, but I didn't buy it with VAT) How should I make the journal entry? I record the VAT included invoice when I sold the truck, i made the VAT return for that period and payed the VAT (including the VAT of the sold asset). I just realized that I need to do the journal entry about the asset sale, but... i'm stuck because when I made the J.entry and I put the selling ammount with VAT, my previous VAT return was changed because the VAT of the sold asset was reduced to zero. Im based in Ireland. I really appreciate it if you can help me to try the solution. Or i just need to do amended VAT return for that period, when i sold the truck?

[@Tony-Bell]

I'm sorry, I don't know this one! I am in Canada, a country without VAT - I'm not sure how to account for VAT-related transactions - you'll have to find your answer somewhere else.

[@SharanSalwahan-em7cs]

Thank u so much sir

[@lakhbir6546]

bill got fooled thinking his business would be great and buying a truck on April fools day

[@Tony-Bell]

Haha!

[@troyster28]

WHAT IT DO TONY