Buying with a trade in
by Glennys Savage
(Medicine Hat, Alberta)
I purchased $10,000 of new office equipment by paying $9300 cash and trading in old equipment with a recorded cost of $700.
What is the entry?
I'll give you a link to the entries I wrote up for the purchase of a vehicle with a trade-in. Where ever I mention the vehicle account(s), you would substitute it with your office equipment account(s).
You can also ignore the loan entries as you did not assume any debt with your purchase.
You'll find the entries in Common Bookkeeping Entries