USA Baffled by accounting for sale of asset

[AGabhart]

I am baffled by how to properly record the sale of House, not because of the expense portion of the transaction, but the income. To close out the House asset, I need a debit say 30,000 and the expenses will be a credit say 5,000, but the income will be recorded also as a credit say 25,000. That entry is balanced but it is on the wrong side for an increase in income. Yet, for sale of an asset the income is normally on the credit side, but it's on the debit side. Maybe I am not including enough steps in this but I can't find it in textbooks.
How do I get income to the correct side?
Or may it is How to completely record the sale of an asset?

 

[BIG E]

In order to properly answer the question - what needs to be known is whether or not this is a personal residence, or whether it's a house that was used for the production of income (rental property). If a personal residence, was any part of it used for an office in home? If solely a personal residence, did the owner live in it for 2 out of the last 5 years?
There are different rules for each.

 

[AGabhart]

Sorry. Forgot to mention it is an investment. Totally unoccupied by self

 

[Dave In Capital]

credit cash & accum depr
debit asset, gain on sale of asset

 

[AGabhart]

credit cash & accum depr

Obviously. My problem is the income is on the credit side and not the debit side. Yes. It works fine for acknowledging I've got cash, but not for income. My income went down by 25000

 

[Dave In Capital]

That would be the gain on the sale of the asset, which for purposes of this example is $25,000. That is a credit entry.

 

[AGabhart]

My confusion is normally income resides on the debit side.

 

[Dave In Capital]

Income is an income statement account. On the income statement, revenue has a credit balance.

Cash is a balance sheet account. On the balance sheet, cash has a debit balance.

 

[AGabhart]

Hmm. That statement doesn't bode well for my records. That may mean I have a lot of stuff on the wrong sides.
Okay. End of conversation.