Retained Earnings

[Mike or Penny Novack]

On 1/21/2017 9:23 AM, John Hawkins wrote:
> Can I adjust retained earnings. A sale of an asset resulted in a 
> capital loss.
You shouldn't have to (in this case). My suspicion is that this is a 
"fundamentals of accounting" question and you may not have entered the 
transaction correctly.

You sold some asset at a loss. You had a debit to "cash" of less than 
the remaining balance for that asset. That means you also had a credit 
for the rest of the balance of that asset (to bring the balance to zero) 
but what was the debit side of that part of the transaction. What 
account were you debiting for that? Or did you perhaps forget about that 
part of it and the asset (that is now gone) still has a non-zero balance?

Michael

-- 
There is no possibility of social justice on a dead planet except the equality of the grave.