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LJF2019
Level 1

Correct Journal Entry for using biz funds for Car Purchase down payment?

I used business funds for the down payment of my new car but all monthly payments are being paid with my personal account.  I do claim mileage in my business but nothing else (fuel, maitenance, etc).  How should I enter/set up the cash used for the down payment? I don't know if I should be setting up a fixed asset or applying it to an owner disbursement or?  Thanks for any assistance!

Solved
Best answer February 05, 2019

Best Answers
Regina_Lend_A_Hand_Accounting
Level 9

Correct Journal Entry for using biz funds for Car Purchase down payment?

This would be an Owner Draw against Equity (Balance Sheet) 

View solution in original post

2 Comments
Regina_Lend_A_Hand_Accounting
Level 9

Correct Journal Entry for using biz funds for Car Purchase down payment?

This would be an Owner Draw against Equity (Balance Sheet) 

View solution in original post

LJF2019
Level 1

Correct Journal Entry for using biz funds for Car Purchase down payment?

Thanks so much!  I wasn't sure if it was something that could be claimed in any way when doing the mileage deductions.

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