I need to know the correct journal entry for purchase of a new vehicle with mfg. rebates and a down payment. No trade-in. Help will be greatly appreciated.
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I need to know the correct journal entry for purchase of a new vehicle with mfg. rebates and a down payment. No trade-in. Help will be greatly appreciated.
The rebate is effectively just a reduction of the purchase price. Thus, the debit to the "Vehicles" asset account will be the sum of the down payment and the amount financed.
Thank you very much. I thought that was probably the case, but wanted some confirmation.
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