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

    Mar 12, 2011, 01:53 PM
    Enteries in a General journal
    The company purched 10 fishin boats on account for $60,000.00. 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. My question is how would you enter this in a general journal?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 12, 2011, 04:56 PM

    Debit Fishing Boats for the amount
    Credit Accounts Payable for the amount
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