The accounting entry is:

Debit F/A- New Car Cost 28676
Debit Old Loan 15259
Debit Old Car Accumulated Depreciation 24,370
Total Debits  68305
Credit New Loan 31435
Credit Cash 3000
Credit Gain 9500
Credit F/A Old Car Cost 24,370
Total Credits  68305
Whether the 9500 gain is taxable or not is a tax question.

Resolution for 'create a journal entry for the sale of a fixed asset issue: 'How do I create a journal entry for the sale of a fixed asset (vehicle) with a loan liability paid off by dealership? I am having trouble figuring out how to complete the necessary journal entries to record the sale of a fixed asset (vehicle) that’s outstanding loan was paid by the dealership, but had negative equity. I understand how to remove the asset/accumulated depreciation accounts, but from there I am lost. Old vehicle: Original cost $243,70 Accumulated Depreciation $243,70 Loan Balance: $15,259 New vehicle: Cost $31,435 (which includes $2,759 negative equity) New loan: $31,435 Down Payment (the tricky part for me): Old Vehicle Trade in Value: $9500 Less old vehicle payoff: $15,259 Equals Net Trade In: -$5759 Plus Cash Down Payment: $3,000 leaves $-2,759 which was added to the purchase price of the new vehicle. So I understand for the sale of the asset, I: Debit Old Vehicle Accumulated Depreciation: $24,370 Credit Old Vehicle Fixed Asset: $24,370 Credit Gain/Loss on Sale of Asset: $9,500 I believe I am then supposed to create a “current liability account” named “asset sale deposit” to show the $15,259 paid by the dealership to close my old loan, but I do not know to show the Debits and Credits for this entry, or how to close the old loan, show the new vehicle and the new loan, Greatly appreciate anyone that can walk me through the journal entries in order…' available: Yes.

The create a journal entry for the sale of a fixed asset issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the create a journal entry for the sale of a fixed asset issue yourself by looking for a resolution described in the article. If it is a complex create a journal entry for the sale of a fixed asset issue or you are unable to solve the issue, you may contact us by clicking here or by using other create a journal entry for the sale of a fixed asset support options.

For more information about resolving issues related to create a journal entry for the sale of a fixed asset in Quickbooks/QBO or to get support for the issue 'How do I create a journal entry for the sale of a fixed asset (vehicle) with a loan liability paid off by dealership? I am having trouble figuring out how to complete the necessary journal entries to record the sale of a fixed asset (vehicle) that’s outstanding loan was paid by the dealership, but had negative equity. I understand how to remove the asset/accumulated depreciation accounts, but from there I am lost. Old vehicle: Original cost $243,70 Accumulated Depreciation $243,70 Loan Balance: $15,259 New vehicle: Cost $31,435 (which includes $2,759 negative equity) New loan: $31,435 Down Payment (the tricky part for me): Old Vehicle Trade in Value: $9500 Less old vehicle payoff: $15,259 Equals Net Trade In: -$5759 Plus Cash Down Payment: $3,000 leaves $-2,759 which was added to the purchase price of the new vehicle. So I understand for the sale of the asset, I: Debit Old Vehicle Accumulated Depreciation: $24,370 Credit Old Vehicle Fixed Asset: $24,370 Credit Gain/Loss on Sale of Asset: $9,500 I believe I am then supposed to create a “current liability account” named “asset sale deposit” to show the $15,259 paid by the dealership to close my old loan, but I do not know to show the Debits and Credits for this entry, or how to close the old loan, show the new vehicle and the new loan, Greatly appreciate anyone that can walk me through the journal entries in order…', click the link below: