Alright, I am still learning. This is what I got from our tax accountants. Can someone PLEASE help me, figure out how to debit/credit this into a journal entry. I am in school for this and just struggling with the chapter in and of itself. Thanks in advance!
Here's the journal entry:
| Debit | Credit | |
| 2025 BMW (fixed asset) | 105,663 | |
| Note Payable - 2021 BMW | 15,269 | |
| Accumulated Depreciation | 79,249 | |
| Cash | 5,000 | |
| Note Payable - 2025 BMW | 85,128 | |
| 2021 BMW (fixed asset) | 91,808 | |
| Gain on sale of asset (other income) | 18,245 |
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