abctax55
Level 15
12-16-2019
12:57 PM
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"Is there a better option?"
Yes, you need to have an in-balance working trial balance before you even start the return.
It should show:
Asset $ 100,000
Accum. Deprec ($ 100,000)
Truck Loan Payable
IF down payment made
Cash ($ xx)
Truck Loan Payable $ xx
*************
Deprec Exp on P&L $ 100,000
ignoring ALL other income/expenses...the P&L will show a ($ 100,000) which reduces the Retained Earnings on the Balance Sheet.
HumanKind... Be Both