October 30, 2016 admin

Accounts Payable—Used Trucks

Liabilities and Net Worth

ACCOUNTS PAYABLE—USED TRUCKS LIABILITY ACCOUNT
2190

ACCOUNT EXPLANATION
Amounts due creditors for used trucks purchased; does not include used trucks financed by F.M.C.C or other finances.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Used truck purchased on open account VP
    Inventory—Used Trucks—Light 1370
    Inventory—Used Trucks—Heavy 1380
      Accounts Payable—Used Trucks 2190
             
  Payment of used truck purchased on open account CD
    Accounts Payable—Used Trucks 2190
      Cash in Bank—General 1001
COMMENTS
  • Subsidiary records should support this account.
  • Debit balances in this account must be investigated and resolved.