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Journal for Partial Payment and Trade-In of Vehicle incl. Depreciation
Question:Paid $12,500 for a car which cost $20,000 with the garage accepting $7,500 in part exchange. The old car cost $22,000 and had depreciated by $5,000.
Full accounting questions and answers for you to practice for free. Great preparation for a test or exam. Journal entries, T-accounts, the trial balance and the financial statements. With full solutions and detailed explanations.