Prepare a journal entry for the purchase of a truck on April 4 for $63,730, paying $5,300 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTS General Ledger ASSETS11Cash12Accounts Receivable13Office Supplies14Prepaid Insurance15Land16Office Equipment17Building18Truck LIABILITIES21Accounts Payable22Unearned Revenue23Notes Payable EQUITY31Common Stock32Retained Earnings33Dividends REVENUE41Fees Earned EXPENSES51Wages Expense53Rent Expense54Utilities Expense55Maintenance Expense59Miscellaneous Expense General JournalPrepare a journal entry for the purchase of a truck on April 4 for $63,730, paying $5,300 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of accounttitles.123DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDITACCOUNTING EQUATIONASSETSPAGE 1LIABILITIESEQUITY

Value of Asset = $63,730 Paid By Cash = $5300 Accounts Payable = $63,730 - $5,300…

Answered: Prepare a journal entry for the…

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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Prepare a journal entry for the purchase of a truck on April 4 for $63,730, paying $5,300 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Office Supplies
14	Prepaid Insurance
15	Land
16	Office Equipment
17	Building
18	Truck

	LIABILITIES
21	Accounts Payable
22	Unearned Revenue
23	Notes Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
53	Rent Expense
54	Utilities Expense
55	Maintenance Expense
59	Miscellaneous Expense

General Journal
Prepare a journal entry for the purchase of a truck on April 4 for $63,730, paying $5,300 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account
titles.
1
2
3
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
CREDIT
ACCOUNTING EQUATION
ASSETS
PAGE 1
LIABILITIES
EQUITY

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