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    jeremy500071's Avatar
    jeremy500071 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 30, 2008, 08:26 AM
    Hod do I enter the Automobile purchase on a t account.
    This is how the question reads. Purchased used atuomobile for 16,500 and paid cash payment of 1500 dollars and put the gave the rest on notes payble. Does the T account look like this.

    Automobile Notes Payable Accounts Payable
    Debit Credit Debit Cedit Debit Credit
    16,5000 15,000 1500
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Oct 30, 2008, 08:35 AM

    Debit Auto for 16,500
    Credit Cash for 1,500
    Credit Notes Payable for 15,000

    YOu will have 3 T-Accounts: One for Auto; One for Cash; and One for Notes Payable

    Auto: on the left side of the T will be an amount of 16,500
    Cash: on the right side of the T will be an amount of 1,500
    Notes Payable: on the right side of the T will be an amount of 15,000
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