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Join nowcalculate and post partial year depreciation
create the new fixed asset account, new car; and a sub account for accum. depreciation
create a new car loan liability account
debit new car, credit old car for the value in this account
debit old car accum. depreciation for the value in this account, credit new car
debit old car loan for the value in this account, credit new car loan
write the check for the down payment and use the new car account as the expense (reason) for the check
find the difference between the present amount in the new car loan and the actual new loan, then
debit new car, and credit new car loan for that amount
The Business purchased a new truck for $94,000. less trade in $76000, so $18,000. HST paid $2,350. Payout liens against trade in $42,000. total purchase price $62,000. the $62,000 is now financed. there is a new finance charge of $5,680 over 60 months. 3.49% monthly payment of $1,132. How do I show this with journal entries???? I am fairly new at this.
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