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    superfly555's Avatar
    superfly555 Posts: 2, Reputation: 1
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    #1

    Nov 22, 2009, 01:58 PM
    Journalizing transactions
    How would you journalize purchasing a used truck for 10,000, paying 3000 cash and the balance on account
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 22, 2009, 02:14 PM

    Debit PP&E - Truck for the total amount
    Credit Cash for the amount paid
    Credit either Accounts Payable or Notes Payable for the difference
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