General Journal Entry Sale of Property (Fixed Asset)
So I have a settlement statement where we sold the property. I know that we took a loss on it but I am having issues with the journal entry.
So we sold the property for $1,050,000.00 and bought it for $1,220,000.00 now with that being said I was told to CR Sale Price and CR Building Value and Land Value. Debit Cash, Debit Loan. Now shouldn't my closing costs and all the other things go on the debit side? Once I did that the numbers still didn't match. Can anyone help me with this??
Thank you!