Comments for Entry For Purchase Of a New Vehicle

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Jan 02, 2011
Vehicle Used For Both Business And Personal
by: Anonymous

If the vehicle is used 100% for business I would DEBIT the Vehicle Asset Account for the total.

However, if I use the vehicle 15% for personal use and 85% business use, would my debit for the vehicle asset be the same cost as if it was 100% business use or would I only post 85% of the total cost as the asset amount?

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