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Ollie owns a personal use car for which he originally paid $48,000. He trades the car in on a sports utility vehicle (SUV) paying the automobile dealer cash of $30,000. If the negotiated price of the SUV is $49,000, what is Ollie's recognized gain or loss and his adjusted basis for the SUV?
Posting References
Notations that make the connection between journal entries and the ledgers to which they are posted.
Purchases Journal
A special accounting journal used to record all purchases of merchandise, supplies, or other items on credit.
Cash Payments Journal
A bookkeeping ledger in which cash payments are recorded, showing outflows of cash.
Office Supplies
Items used in an office for daily operations, including stationary, paper, and other consumables.
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