Based on the info you have provided, it seems that you are debiting and crediting the correct accounts. However, I would recommend that you have an accountant or CPA confirm this with the actual documentation of the purchase. In addition, you may be eligible to deduct a portion if not the entire cost of the vehicle on your taxes by taking the Section 179 deduction. You can learn more about how this deduction works in our Section 179 deduction guide here: http://fitsmallbusiness.com/section-179-deduction/
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