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Nancybu
Mar 12, 2011, 01:53 PM
The company purched 10 fishin boats on account for $60,000.00. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July. My question is how would you enter this in a general journal?

pready
Mar 12, 2011, 04:56 PM
Debit Fishing Boats for the amount
Credit Accounts Payable for the amount