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Prepare a journal entry for the purchase of a truck on April 4 for $72,240, paying $5,900 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3

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abiolataiwo2015

Answer:

Dr Truck $72,240

Cr Cash $5,900

Cr Accounts Payable $66,340

Explanation:

Preparation of the journal entry for the purchase of a truck on April 4

April 4

Dr Truck $72,240

Cr Cash $5,900

Cr Accounts Payable $66,340

($72,240 - $5,900)

(To record purchase of truck)