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Hello everyone. I need help recording the $7,000 down payment made by the company's owner in the form of cash when he purchased the company truck at the dealership.
So far, I have:
Set the fixed asset account as "Work Truck" with an opening balance (which does not include the $7,000 contribution.) And,
I have created a long-term liability account- detail "notes payable"- named "Truck loan" that does not include the $7,000 contribution.
I appreciate all the help!
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