Sounds reasonable.
You'd need a liability (or contra-asset) account to handle the parts of
the transaction to facilitate owing and paying your friend.
This is similar to the example in the Guide (or is it the Wiki)
concerning shared household expenses or trip expenses between
roommates/friends.
Regards,
Adrien
On 6/28/22 9:12 AM, Fred Tydeman wrote:
I see I was not clear in my description of the transactions.
I wrote a check for the full price of a golf cart to a dealer.
The next day, a friend gave me their half of the cost.
Some years later, I sold the golf cart and I got the full selling price
from the buyer.
A few days later, I gave half of the selling price to my friend.
I guess I could record the purchase as 1/2 to golf cart asset
and 1/2 to short term loan to friend. And that loan is paid
back the next day.
And the same idea would be used for the sale.
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