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21 April, 16:51

TTG Landscaping purchased a dump truck for $150,000. In addition, they spent $12,000 in sales tax, $200 to paint the company's logo on the truck, $900 for a vehicle license, and $2,400 for accident insurance. What is the journal entry they should enter for this transaction?

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  1. 21 April, 17:07
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    Answer:TTG Landscaping Journal $

    1. Dump truck Dr 150,000

    Sales tax Dr 12,000

    Logo. Dr. 200

    Vehicle License Dr 900

    Accident insurance Dr 2400

    Cash. CR. 165,500

    Narration. Being cost incurred on Dump truck and additional expenses incurred to make it usable.

    2.

    Dump truck Dr1 5500

    Sales tax Cr 12,000

    Logo. Cr. 200 Vehicle License Cr. 900

    Accident insurance. CR 2400

    Narration. Transfer of additional cost incurred on Dump truck purchase to Dump truck Accounts

    The cost of an asset includes the purchase price, tax theron and other cost incurred to make it usable.
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Home » Business » TTG Landscaping purchased a dump truck for $150,000. In addition, they spent $12,000 in sales tax, $200 to paint the company's logo on the truck, $900 for a vehicle license, and $2,400 for accident insurance.
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