Suppose you have an accounting blog .. like .. HART (1-800-HART) … and you want to show off your accounting knowledge …. READER: Dear HART … I just purchased a new car that was financed over 3 years, for $25,000.00 .. I put down $3,000.00 which included the first month’s loan payment of $500.00. What’s my journal entry? HART (1-800-HART): Congratulations on your new purchase .. I hope you have many years enjoyment with your new car. Here’s how to “book” the journal entry into your accounting records. JOURNAL ENTRY DEBIT CREDIT (1) DR. AUTOMOBILES $25,000     CR. CAR [More]