P. Baker deposits $10,000 in a bank account, in the name of his business, to be...
P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a:
Select one:
a. credit to Equipment.
b. credit to Cash.
c. credit to P. Baker, Capital.
d. credit to P. Baker, Drawing.
Homework Answers
Correct answer----------c. credit to P. Baker, Capital..
.
The amount of $10,000 is considered as an investment by the owner so capital account will increase by credit to capital account. Cash account will also be debited to record increase in cash.
Equipment will be debited when equipment is actually purchased.
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