Transaction #2 - Jamco issued purchases a tractor for $75,000. Jamco put a down payment of $30,000 and the rest was on account. 1) What accounts are needed? - look at the chart of accounts 2) Where are those accounts located? (e.g. Asset on the Balance Sheet) 3) What are the rules for debit and credit for those accounts based on 2) above? 4) Post the values to the General ledger - T Accounts 5) Journalize the transaction - debits first, then a row down, indent and enter the credit