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

    Oct 27, 2008, 07:40 PM
    How do I post this in a general journal?
    Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July.

    How would this look in a General Journal??
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 28, 2008, 07:36 AM

    Debit the appropriate Equipment Account for 60,000
    Credit Accounts Payable for 60,000
    Charlene11's Avatar
    Charlene11 Posts: 2, Reputation: 1
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    #3

    Oct 28, 2008, 08:17 PM

    How do I prepare general journal entries to record the following trasnsaction. All purchases are subject to terms of 2/10, n/30. The perpetual inventory method is in use. *May 5 purchased merchandise from the Anderson Inc. with a price of $8,000.
    Charlene11's Avatar
    Charlene11 Posts: 2, Reputation: 1
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    #4

    Oct 28, 2008, 08:20 PM
    How do I prepare general journal entries to record the following trasnsaction. All purchases are subject to terms of 2/10, n/30. The perpetual inventory method is in use. *May 5 purchased merchandise from the Anderson Inc. with a price of $8,000.
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