Question:

What will be my balace sheet?

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i bought a second hand delivery service vehicle 280,000, paying 230,00 in cash ,with balance due in 60 days.

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  1. Asset-vehicle             280,000  dr               Cash                            230,000 cr

    Account payable          50,000 cr


  2. Since we only know 2 items, here's what it is.

    Assets:

    Deliver Vehicles - $280,000

    Liabilities

    Short term note - $50,000

    Owners Equity - $230,000
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