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General Accounting Discussions: Journalizing a Vehicle Trade in

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    • CommentAuthoravalon
    • CommentTimeJan 25th 2010
     
    i have traded in a transport truck on the purchase of a new one. the trade in was a full buy out of existing truck in the amount owed on it, and this was taken off the purchase price of the second
    how do i journalize this? i am using quicbooks pro but just a gj entry would be great. i need step by step i am only trained in basic bookkeeping. i have managed to show owing balance on 1st truck @ 0$ but it is still showing as an asset on my bs.

    thank you so much

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