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May 7, 2024
Question

JOURNAL ENTRY FOR FIXED ASSET RETURNED TO DEALERSHIP WITH A LOAN LIABILITY

  • May 7, 2024
  • 0 replies
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We returned (sold) a 2023 vehicle to to its dealership, but has a loan liability. Not sure how to enter journal entries.

Fixed asset = $30,801.24

Loan Liability = $20,582.396

Dealership offered = $13,000.00

I paid  extra = $6,807.62

Thank you for your help