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loss on sale of equipment

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A non-operating item resulting from the sale of this long-term asset for less than its carrying amount (or book value).

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  • Debits and Credits
  • Adjusting Entries
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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