Solved: How the transaction recorded in the journals and ledgers, Accounting Basics

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How the transaction recorded in the journals and ledgers

Question:

Purchase a 20xw Ford truck for $26,750. The terms include a $4,750 down payment an a 3-year, 6% promissory note to Ford Credit for the remaining $22,000, principal and interest on the note are due monthly beginning January 4, 20xy. The company expects the truck to have a useful life of 5 years and no salvage value. Prepare the transaction and show how the transaction recorded in the journals and ledgers.

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Accounting Basics: How the transaction recorded in the journals and ledgers

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Accounting Basics: How the transaction recorded in the journals and ledgers

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