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Prepare the required general journal entries that mortimer

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Problem 1: Assume on November 1, 2017 Mortimer traded in the van for a new van with a list price of $47,845. Mortimer received a trade-in allowance of $5,000 from the dealer. Mortimer paid the balance with a cash payment $2,500 and a 6% 120-day promissory note for the remainder of the amount due. Prepare the required general journal entries that Mortimer should make on November 1 to record the trade-in of the van.

Reference no: EM132778161

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