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Question

I dont understand how to post this to the general journal.

The question asks to record the transaction for a

catering van, paid $32000 and the van will be used for next 10 years. (see screenshots).

The general journal includes Date, Details, Debit and Credit in a table.


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q1.JPG

Top Answer

PLEASE NOTE: 1.The catering van is a fixed asset. So, we debit the fixed asset account with the purchase price of... View the full answer

tutor catering van-1.jpg

THE JOURNAL
DATE /NO DETAILS
DEBIT ($) CREDIT ($)
1-Sep CATERING VAN A/C
32,000
CASH A/C
32,000
Being purchase of a Catering Van for cash
31-Dec PROFIT OR LOSS A/C
1,067
PROVISION FOR DEPRECIATION...

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