I'm having trouble journalizing these 2 statements?
1. Got a tractor when issuing a long term note for 800
- I'm pretty sure what i did is wrong... I feel like I need 2 different entries but I'm not sure?
- I did: debit tractor and credit long term note payable...
2. Depreciation of non-current asset for an amount equal to 1/3 of acquisition costs
- This is confusing, does this non-current asset refer to the tractor? and the acquisition meaning the 800?
- I journalized this as a normal depreciation
- debit depreciation expense then credit accumulated depreciation
