@calivalley
The journal entry to record this is below. Use your owner's equity account (you will need to determine the appropriate account based on your business type) for the amount that was paid from your personal funds. The cost for sales tax, licensing, and fees should be capitalized into the vehicle's cost. For illustration purposes, I will assume the following:
Vehicle price - $50K
Sales tax, license, fees - $5K
CC charge - $20K
Amount paid personally - $35K.
| | Debit | Credit |
| Vehicle (Fixed Asset) | 55,000 | |
| CC Liability | | 20,000 |
| Owner's Equity | | 35,000 |
