GnuCash how to do laptop purchase payment plan

[Mike or Penny Novack]

On 7/18/2015 9:23 PM, Mark Phillips wrote:
> First Entry - You have a $1000 credit card (liability) balance and an asset
> (computer) valued at $1000.
>
> Set up a monthly recurring transaction that takes $100 from your checking
> account and put that as a payment to your credit card account.
>
> In 10 months, your credit card balance will be $0 (unless you have other
> charges).
No, not the right way to do (credit card)

a) You charge the transactions made against the credit card effective as 
of the date you made them. Each of these increases (credits) the credit 
card account (a liability account).
b) You credit checking and debit (decrease) the credit card account when 
you send in a payment.
c) Don't forget the transaction which was the addition of interest to 
your credit card balance.

Michael D Novack