Answered: 4/ 2 Purchased a company automobile for…

4/ 2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4/2
Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000
was financed through the bank (Hint: I still need to PAY this).
how to solve this problem? with puting into general journal as debit and credit side

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I invest $10,000 in a new company. The company then gets a bank loan for $5,000. The company then buys a machine for $3,000 and inventory for $2,000. Create a balance sheet for the company.
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