Purchased 10 fishing boats on account for $60,000. 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.

How would this look in a General Journal??

Debit the appropriate Equipment Account for 60,000
Credit Accounts Payable for 60,000

How do I prepare general journal entries to record the following trasnsaction. All purchases are subject to terms of 2/10, n/30. The perpetual inventory method is in use. *May 5 purchased merchandise from the Anderson Inc. with a price of $8,000.

How do I prepare general journal entries to record the following trasnsaction. All purchases are subject to terms of 2/10, n/30. The perpetual inventory method is in use. *May 5 purchased merchandise from the Anderson Inc. with a price of $8,000.