Revisiting this, is this the correct approach:

Upon purchasing the fixed asset, let's say a truck for $8,000:

1. Credit "Fixed Asset:Truck" account for $8k

2. Debit: Checking account for $8k

3. Create "Accumulated Depreciation:Truck" account with no balance.

Then, at the end of the year, the journal entry:

4. credit "Accumulated Depreciation:Truck" account for $8k bringing the balance to -$8,000

5. Debit "Depreciation Expense" account for $8,000.

Correct?

Then when I sell the truck, 

6. Credit checking account for the amount made, and

7. Debit Accumulated Depreciation:Truck by the amount made, leaving the balance

What then do I do at the end of the year for the journal entry with that remaining balance in Acc. Dep. account? 

Thanks!