Homework Answers
Answer:
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| Jan 2 | Vehicle Dr. | $62,500 | |
| To Cash | $62,500 | ||
| ( Being the journal entry to record the purchase of machinery) |
Explanation:
Cash account should be credited as cash is used for purchasing machinery.
Vehicle account should be increased or debited by the same amount.
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