asset account structure: We purchased a new vehicle, paid a down payment to the dealership, and financed the remaining through a bank. How do I record the down payment separately from the bank?
Create the following fixed asset account structure in the chart of accounts (>> means sub account)
Vehicles
>> Chevy van
>> >> cost
>> >> accumulated depreciation – chevy van
On the down payment, use the Cost sub account as the expense for the check
create a long term liability account called chevy van loan
Journal entry
debit […]
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