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Prepare a journal entry for the purchase of a truck on April 4 for $73,000, paying...

Prepare a journal entry for the purchase of a truck on April 4 for $73,000, paying $5,000 cash and the remainder on account.

If an amount box does not require an entry, leave it blank.

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Expert Solution

Journal Entry for Recording Purchase of a Truck

Particulars Debit Credit
Truck A/C...Dr 73,000
To Cash A/C 5,000
To Accounts Payables 68,000

( Being Truck Purchased by paying $ 5,000 Cash and Balance on Account )

Accounts Payables = Value of Truck - Cash Payments

Accounts Payables = 73,000 - 5,000

Accounts Payables = $ 68,000

The Cash Payments is $ 5,000 and Balance $ 68,000 will be considered as Accounts Payables to be paid in future.

ekkarill92 answered 3 years ago
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