Accounting Help

[dylan2228]

Hey, this probably isnt the place to ask but i couldn't be bothered signing up anywhere else so ill ask anyway.
I am working on my year 10 Accounting assignment and I need to record the following transaction in a general journal,

Jerry Mander (business owner) purchased a new sales desk from Premium Furnishing for $2036. The terms of the sale being that a deposit of $610 (cheque number 698056) be paid and the balance paid in 6 months.

I have no clue how to record this????
Also, I am using MS Exel 2010 and following Australian business practices.

Dylan 2228

 

[The Pi]

My accounting knowledge is rather weak (so this is more likely to be wrong that right business law is more my thing)

The initial cost would be under expenses -> goods (or whatever you wish to call it) for the 6 month costs I'd put it in creditors (short term)

Dont take my word for this, I go by the UK systems though but they shouldn't be that different.

 

[dylan2228]

ok thx that should work