USA Sold a vehicle then bought it back. how do I post it correctly?

[Buckles]

I sold a vehicle from inventory in error. I posted Sales, debit bank $1600, credit sales $1600, Debit Cof G $17135.41 and credited Inventory equipment $17135.41 All is Good.

NOW here is where I have trouble. I want to enter the purchase of the same vehicle and pay the buyer $2455 for the vehicle. I know that I must credit the Bank $2455.. How do I post the remaining entries?

 

[kirby]

Given that the sale was an error, you should put the vehicle back into inventory at its same amount. So I would reverse these sale entries
Dr Inventory Equip $17,135.41
Cr Cof G <$17,135.41>

And you received $1,600 so that has to remain in the books but reverse the sale to a suspense acct temporarily because you didn't sell anything after all.

DR Sales $1,600
CR Suspense acct <$1,600>

Now you pay the buyer, who is doing you a HUGE favor by not holding you to the sale. And clear the suspense acct.
Difference is a loss. Just be happy it is a $855 loss and not a $15,535.41 loss

DR Suspense acct $1,600
DR Loss $855
CR Bank <$2,455>

Now review how you made the error and figure out and implement a control that will prevent that in the future.