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View Full Version : If the owner gives you $5,000 cash and a truck valued at $10,000, which accounts woul

bettyboop79
May 22, 2010, 08:54 AM
If the owner gives you $5,000 cash and a truck valued at $10,000, which accounts would they be applied to?
pready
May 23, 2010, 11:03 AM
Debit Cash for the amount received
Debit Vehicles (or appropriate account) for the amount
Credit Owenrs' Equity or Captal for the total amount