Question
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
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?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
