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What happens when you dispose of an asset by selling it? How are the proceeds accounted for? Are there gains and losses to be reported? Well in this video we demonstrate how to account for the amortization up until the date of disposal/sale and then we account and journalize the sale. Remember that the normal balance for gains are CREDITS and the normal balance for losses are DEBITS. So if you have a loss, DEBIT it and if you have a gain CREDIT IT. Gains increase equity indirectly which is why their normal balance is a credit!
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