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We purchased a new business truck, traded in old business truck, dealership paid loan liability for old business truck, had equity which was used as down payment. How to enter all this new information?
You need a general journal entry. See example below:
DR CR
New vehicle cost 50,000
Old vehicle cost 25,000
Accumulated depreciation 10,000
Old loan 15,000
New loan 35,000
Gain/Loss on Disposal - Whatever is needed to balance your transaction
That unfortunately did not answer my question. Can someone help me?
Hi there, Bearcrazy5.
You'll want to create a barter account. It is used to post both sides of a traded transaction. You can follow these steps on how to set it up:
Also, another way to record this is through a journal entry. However, it's best to seek some help from an accountant so they can further guide with it.
Here are the articles for your reference:
Keep on posting if you need more help with this. Stay safe!
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