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    Resouces's Avatar
    Resouces Posts: 1, Reputation: 1
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    #1

    Mar 15, 2012, 09:33 AM
    How do I record the purchas of a vehicle
    I purchase a vehicle face value $45k with a 10% down payment and financed the rest at 5% for 60 months. Added some optional maintenance services for $3k. What shoud my entries be? Do I include the optional services, tax and title as an asset or expense them?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 16, 2012, 04:06 PM
    The value of the vehicle is added to the asset account, 90% of that amount is a creditor while 10% will come out of the bank account. The maintenance services are I assume a prepayment. The other costs are capital costs also
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