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    crispano52's Avatar
    crispano52 Posts: 2, Reputation: 1
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    #1

    Dec 17, 2009, 12:44 PM
    m/v purchase with old truck and cash
    A client put a deposit for a car $5000 cash and $15000 old car trade in.
    What is the journal entry for this?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Dec 17, 2009, 09:47 PM

    DEBIT New Car Account **20,000
    CREDIT Cash Account *** 5,000
    CREDIT Old Car Account** 15,000

    Being purchase of a NEW CAR.
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