Equipment costing $8,000 is purchased by paying $5,000 cash and signing a note payable for the...
Equipment costing $8,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include a
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debit to Equipment. |
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credit to Notes Receivable. |
||
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debit to Notes Payable. |
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debit to Cash. |
Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Equipment | 8000 | ||
| Cash | 5000 | ||
| Notes payable | 3000 | ||
So answer is a) Debit to equipment
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Equipment costing $8,000 is purchased by paying $5,000 cash and
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