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    asmalwood1's Avatar
    asmalwood1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 31, 2007, 09:44 PM
    Journalizing Tranactions
    Borrowed $500 from his dad to purchaes a lawn mower
    How would I record this transaction??
    rose_fleure's Avatar
    rose_fleure Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Nov 3, 2007, 05:13 AM
    Your cash will be debited $500
    Accounts payable credit $500

    Because u have a debt to pay later
    You may want to check with someone else I am new at journalizing
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #3

    Nov 3, 2007, 04:00 PM
    And when you buy the lawn mower…

    Dr. Lawn Mower 500
    Cr. Cash 500
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