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Journal for sale of a leased motor vehicle

Newbie

Views 130

Replies 2

Hi,

My client sold their leased vehicle for $45K and received a payout amount of $7,435.39 from the leasing company, however, the purchaser paid the balance directly to my client's leasing company.

How do I journal the balance owing on the leased vehicle to remove it from the asset account?

thanks in advance

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Moderator

Replies 1

Hi @BASbusiness,

 

It would be best to check with a bookkeeper its not something that we would be able to assist with.

 

 

2 REPLIES 2

Most helpful response

Community Moderator

Replies 1

Hi @BASbusiness,

 

It would be best to check with a bookkeeper its not something that we would be able to assist with.

 

 

Newbie

Replies 0

Thank you for getting back to me