Fixed asset write off

Trunxson

Example: I have a new $5000 camera that is depreciating on Wave over a 5 year asset life. In year 2 it is dropped in the river and therefore becomes a total write-off. I dont understand what journal entries I need to do in Wave to terminate the depreciation and remove the asset from the account. Any ideas gratefully received.

Mikeg

@Trunxson,
You would do a journal entry to record the loss of the asset. Going from above, let's say you have taken 2000 in depreciation. You would make the following:
Debit Accumulated Depreciation - 2000
Debit Loss on Sale (income statement) 3000
Credit Fixed assets 5000
You will need to create the account - Loss on Disposition on the income statement.