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September 24, 2024
Question

Purchase a vehicle with a trade in vehicle and a loan

  • September 24, 2024
  • 1 reply
  • 0 views

I bouth a vechile for $52,826.07

Rebate $7,500.00

down payment $10,000.00

trade in -$4,139.25.00

Business license and permits $1,161.74

 

Vehicle trade in gross allowance $20,000.00

 

Asset old vehicle $38,682.85

old loan Amount $24,139.25

 

How I record this on QuickBooks? Journal entry?

    1 reply

    September 30, 2024

    Journal entry with a deprecation of vehicle, then a journal entry moving the equity over to the new vehicle account. If you have an accountant, I would recommend consulting.