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How do I book the entries for an Installment Sale to Pastel
Are you purchasing an asset on installment sale agreement? If so, you first you must account for the cost of the asset. Credit Long term liability if the instalment is for a period longer than a year and debit the asset with the value.
You then account for your instalment as follows:
Credit bank with amount that comes off your bank, debit interest with the interest portion for that month and debit the long term liability with the rest.
At year end you need to transfer the portion payable in the next year to current liabilities.
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