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asmalwood1
Oct 31, 2007, 09:44 PM
Borrowed $500 from his dad to purchaes a lawn mower
How would I record this transaction???
rose_fleure
Nov 3, 2007, 05:13 AM
your cash will be debited $500
accounts payable credit $500

because u have a debt to pay later
you may want to check with someone else I am new at journalizing
CaptainForest
Nov 3, 2007, 04:00 PM
And when you buy the lawn mower…

Dr. Lawn Mower 500
Cr. Cash 500