Selling an old car...

Lincoln A. Baxter lab at
Mon Jun 26 01:20:51 EDT 2006

Hi All, 

I owned an automobile (since it was new) for a total of 18 years.

Last week I sold it for a few hundred dollars.

I intend to deposit the proceeds into my checking account.  The problem
is... where should I have accounted for the value (asset) of this old

I think (had I been accounting for it all these years) I should I have
created an Asset account for the car... perhaps depreciated it over
time, and eventually (when I sell it) close out the asset by
transferring the proceeds of the sale to my checking account, and what
ever remains to an Expense account (as depreciated value).  After all,
the loss of value of a car over time, is basically an expense of owning
the car.  I'm thinking I want a depreciation sub-account for that
vehicle along side the other expense accounts like fuel, taxes and fees,
and maintenance for this vehicle.  

Does this make sense?


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