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how would i record the journal entries for the following (loan): transaction occured sept. 1st If i buy a car for $50,000. I financed the
how would i record the journal entries for the following (loan):
transaction occured sept. 1st
If i buy a car for $50,000. I financed the car with $10,000 down payment and a $30,000 standard four year (48 month) installment loann. The loan has an interest rate of 4%. l'll make interest payments on the loan the first day of every month starting oct. 1st. The sales rep said the truck will last me 5 years -salvage value of $5,000 at the end of year 5?
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