10521     ENTRY NO. 21 [FIXED ASSETS ARE WRITTEN OFF]
(Revised 5/87)

Nature of Transaction:

Fixed Assets are written off.

Journal Entry for General Ledger Accounts:
Debit:
5200 Investment in General Fixed Assets
Credit:
2310 Land
2331 Improvements Other than Buildings
2341 Equipment
2410 Intangible Assets

Source:
Documents:
Property Survey Report Transfer of Location of Equipment Livestock Inventories Report

Explanation:
Entries are made in the fixed assets accounts in the month in which property is disposed of. Except for lost, stolen or destroyed property, approved property survey reports must be on file before property may be disposed of or entries made in the property accounts. (See SAM Section 8640, for detailed instructions regarding the disposal of state property.)