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    Ash998stew's Avatar
    Ash998stew Posts: 1, Reputation: 1
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    #1

    Aug 20, 2007, 11:44 AM
    Journalizing an account with a loan involved
    OK this is my h/w question. Some background info. Put yourself as the backyard store

    ? Jan 11-The Backyard Store issues check # 2646 for $5113 to Wolf Motors for the purchase of a delivery truck. In addition, The backyard store signs a $32,000, 60-month, 9% truck loan for the balance of the purchase price. THe monthly payments on the note are $664 and the first payment is due on Feb. 1, 2007.

    How would I journalize this? And what accounts would I use? Help I'm confused
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Aug 20, 2007, 04:09 PM
    Please make an attempt at your homework.

    After you do that, we will assist you.
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