Journal entry HELP!!!
I am needing to enter a journal entry for the purchase of some new equipment, and while I usually have no problems with these kinds of entries but this one has stumped me. So I'm begging please help! Here is the breakdown:
Purchase of new Bobcat $128305.87 CAP {1-2001 PLANT AND EQUIPMENT} DEBIT
Bobcat Loan incl interest: $154632.69 NT {2-7190 NEW SKID STEER ACC} CREDIT
This is where I'm making mistakes. In the purchase of the new machine, there were trade ins and old loans paid out. I need to know if where to put them all as credits or debits.
Trade in on Bobcat #1 : $38100 NT still had loan on this machine
Trade in on Bobcat #2 : $36600 NT Own this machine out right
trade in total $74700
PAYOUT of Bobcat #1 using trade from #1 and #2: $48573.67
Equity to Client $26,126.33
Balance payable for bobcat $128305.87
We received a $11219.73 payment into our bank from the above at the end of the purchase, I can work out where the rest of the equity went?
So I need to know how this journal would look to balance.