What are the entries for selling a fixed asset to a vendor in exchange a credit on future services (freight)?
I'd like to tie to the vendor balance.
Here is what I have so far:
Account Description | Debit | Credit |
? | $ 50 | |
Accumulated Depreciation Expense $2500 > 1yr | $ 150 | |
Assets - Vehicles | $ 160 | |
Fix Asset - Gain/Loss on Disposal | $ 40 |
I'd like to be able to credit future invoices from that vendor with the balance of what is left.
Thanks,
Julien
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