Enterring assets in the books can be tricky. We explained how in earlier posts –
The next question is what to do with Asset Value and Accumulated Depreciation on the Balance Sheet?
Create a Journal reducing the Fixed Asset Balance and any Accumulated Depreciation to $0.
The difference between the Sales Price and the value of the truck (Fixed Asset minus Accumulated Depreciation) is either a Gain or Loss – usually it goes to another Income or Other Expense account for Assets.
Orsimply post the Debit or Credit Balance of the Asset and Accumulate Depreciation to the Asset Sales account.
Your accountant will check and sort out the transactions at year end.