Trade-in allowance on the purchase

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Reference no: EM13140562

Traded the old company truck for a new truck issusing check check number 31277 to complete the transaction. The old used truck cost $4,800 and on March 31, the end of the quarter, had depreciated $3,180 straight-line depreciation on the old truck is $80 per month. The new truck listed for $ 18,950 and wumbaugh Auto Sales allowed a $2,825 trade-in allowance on the purchase of the new vehicle. How would you post this transaction?

Reference no: EM13140562

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