On April 1, Conner Inc. buys a Vehicle for $57,000 cash. Connor estimates the vehicle will...
On April 1, Conner Inc. buys a Vehicle for $57,000 cash. Connor estimates the vehicle will be used to generate revenues in the business for 5 years and that they can sell the vehicle at the end of 5 years for $3,000.
What is the journal entry to record the purchase on April 1
DR: vehicle, cash, building, or accumulated depreciation (Amount: 3,000, 54,000 or 57,000)
CR: vehicle, cash, accumulated depreciation, or depreciation expense (Amount: 3,000, 54,000, or 57,000)
Homework Answers
On first April vehicle purchased hence it is an asset hence debit need to be to vehicle account and credit need to be given to cash account.
Correct entry would be as follows.
DR. Vehicle $57000
CR. Cash $57000
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On April 1, Conner Inc. buys a Vehicle for $57,000 cash. Connor
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