Office Equipment 5 10 4,987 1,175 800 Other Equipment 7 10 14,867 15,666 7,288 Vehicles 5 5
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Office Equipment 5 10 4,987 1,175 800 Other Equipment 7 10 14,867 15,666 7,288 Vehicles 5 5 47,210 39,644 19,995 Office Furniture & Fixtures 7 10 5,477 10,400 4,800 Building 39 50 187,640 0 0 WTG borrowed money to purchase the vehicle this year. WTG purchased the other assets with cash. The vehicle loan is an installment loan with a 6-year life and 8% interest due quarterly. The vehicle was purchased on April 1, so the first loan payment is due June 30. What is the journal entry for the vehicle payment?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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