On July 1, 2022, Los Pollos Hermanos restaurant purchased a delivery truck for $40,000 cash....
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Accounting
On July 1, 2022, Los Pollos Hermanos restaurant purchased a delivery truck for $40,000 cash. It paid $1,500 in sales taxes and $800 in freight costs. It also paid $400 to have its logo painted on the side of the truck. When Los Pollos Hermanos records this transaction on July 1, it will:
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increase the asset, Delivery Truck, $41,900
increase Delivery Truck Expense, $42,700
increase Delivery Truck Expense, $41,900
increase the asset, Delivery Truck, $42,700
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