Ttg landscaping purchased a dump truck for $150,000. in addition, they spent $12,000 in sales tax, $200 to paint the company’s logo on the truck, $900 for a vehicle license, and $2,400 for accident insurance. what is the journal entry they should enter for this transaction?

TTG Landscaping Journal $

1.Dump truck Dr 150,000

Sales tax Dr 12,000

Logo. Dr. 200

Vehicle License Dr 900

Accident insurance Dr 2400

Cash. CR. 165,500

Narration. Being cost incurred on Dump truck and additional expenses incurred to make it usable.

2.

Dump truck Dr1 5500

Sales tax Cr 12,000

Logo. Cr. 200 Vehicle License Cr. 900

Accident insurance. CR 2400

Narration. Transfer of additional cost incurred on Dump truck purchase to Dump truck Accounts

The cost of an asset includes the purchase price, tax theron and other cost incurred to make it usable.

statement of owner"s equity;

its ii) i did this test

explanation: