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Level 1

Buying and selling vehicles

Hello all!

 

I have been search the internet for days with no luck so I am really hoping someone here can point me in the right direction, my last resort is to find an accountant.

 

At the beginning of 2018 I had a van, and in September I traded it in for a truck, and in December I traded that truck in for another truck. All of these vehicles were financed, and I did not put money down on the 2nd truck. I took a loss on the 1st truck but the balance was rolled into the loan of the new one. I broke even on the van.

 

I need to know how account for the sale of a vehicle that is traded in, as well as record the depreciation for the van and the truck I no longer own, and the entry I need to do to get the balance of 1st truck into the loan of the 2nd. 

 

Thank you!

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