The amount received for sale of the vehicle with depreciation is compared to the vehicle's net value and debited as a loss or credited as a gain.
Debit cash / bankCredit vehicle account
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
Debit expenses / accounts payableCredit bank
debit accounts payablecredit bank
debit sales accountcredit sales return account
Debit cash / bankCredit vehicle account
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
debit cash / bankdebit accumulated depreciationdebit loss on sale (if any)credit assetcredit profit on sale (if any)
Debit accounts payable / expensesCredit bank
debit bankcredit accounts receivable
Debit expenses / accounts payableCredit bank
Change the signs on the original entry, ie. change the Debit to credit and vice-versa then re-post the journal.
Owners contribution can be posted by using journal entry transaction as there is no direct way to show owners contribution as only journal entry can be used to show that.
debit accounts payablecredit bank
debit sales accountcredit sales return account
Debit cash /bank 1500Credit Unearned rent 1500
debit sales tax expensecredit sales tax payable