I have to enter things into quickbooks pro 2005, i am in the advances part of the class so the homework is not just some parts of a small business but, the whole outlook on the business.
I am having problems tryin to get this transaction put it.
purchased a 10,000.00 computer system on invoice..paying 5,000.00 down with a check and 5,000.00 in a long term note.
i have a debit of 5,000.00 on notes payable
i have 5,000.00 under computer system which is a fixed asset account with a depreciation sub account.
and i wrote the 5,000.00 check out of checking like it said to do..

what is wrong is that there should be 10,000.00 under computer systems and not 5,000.00 and i can not figure out what i did wrong..please help!

valinors_sorrow

I believe it needs to be listed as 10,000.00 on the note payable with the 5,000.00 down entered as the first payment with check number, date, etc listed. That way it lists in fixed assets as 10,000.00 to be depreciated too.

CaptainForest

The JE you are looking for is:

Debit Computer 10,000
Credit Notes Payable 5,000
Credit Cash/Cheque 5,000