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    CoconutM's Avatar
    CoconutM Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2016, 06:27 PM
    Journal entry help
    I'm having trouble journalizing these 2 statements?

    1. Got a tractor when issuing a long term note for 800
    • I'm pretty sure what i did is wrong... I feel like I need 2 different entries but I'm not sure?
    • I did: debit tractor and credit long term note payable...


    2. Depreciation of non-current asset for an amount equal to 1/3 of acquisition costs
    • This is confusing, does this non-current asset refer to the tractor? and the acquisition meaning the 800?
    • I journalized this as a normal depreciation
    • debit depreciation expense then credit accumulated depreciation
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Feb 21, 2016, 02:39 PM
    I don't see any issues here

    You must not overthink a problem
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