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superfly555
Nov 22, 2009, 01:58 PM
How would you journalize purchasing a used truck for 10,000, paying 3000 cash and the balance on account

pready
Nov 22, 2009, 02:14 PM
Debit PP&E - Truck for the total amount
Credit Cash for the amount paid
Credit either Accounts Payable or Notes Payable for the difference