Question

The journal entry to record the purchase of equipment for a $110 cash down payment and a balance of $420 due in 30 days would
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer

A debit to equipment for $ 530, a credit to cash for $ 110, and a credit to accounts payable for $ 420.

Explanation-

When an equipment is purchased, then such equipment is asset and payments made for equipment in cash will reduce cash by $ 110 and increase liability by $ 420 in accounts payable.

The entry will be

Equipment debit $ 530

Cash credit $ 110

Accounts payable $ 420

Add a comment
Know the answer?
Add Answer to:
The journal entry to record the purchase of equipment for a $110 cash down payment and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 9 (1 point) The entry to record the payment of a purchase invoice when a...

    Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash Oa debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash O a debit to Purchases, a credit to Purchase Discounts and a credit to Cash

  • The journal entry that records the collection of cash from a customer for payment on account...

    The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.

  • Which of the following statements is correct? O The entry to record the payment of an...

    Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.

  • Question 14 The journal entry to record a payment made in January for rent for the...

    Question 14 The journal entry to record a payment made in January for rent for the months of February and March would include O a debit to Sue Snow. Drawing and a credit to Rent Expense. a debit to Sue Snow, Capital, and a credit to Cash. O a debit to Prepaid Rent and a credit to Cash. a debit to Rent Expense and a credit to Cash. Question 15 If a transaction is properly analyzed and recorded, one account...

  • A customer purchased an item on credit. Which journal entry should be made to record this purchase?

    A customer purchased an item on credit. Which journal entry should be made to record this purchase? Journal EntriesADebitCreditAccounts Receivable$ 250Sales Revenue$ 250BDebitCreditAccounts Receivable$ 250Customer Payment Received $ 250CDebitCreditAccounts Payable$ 237Supplies Expense $ 237DDebitCreditAccumulated Depreciation$ 725Depreciation Expense$ 725EDebitCreditPrepaid Rent$ 1,250Rent Expense$ 1,250

  • The journal entry to record the collection of the amount due on an interest-bearing promissory note...

    The journal entry to record the collection of the amount due on an interest-bearing promissory note form a customer would debit Cash, credit Notes Recievable, and MC Qu. 9-33 The journal entry to record the... The journal entry to record the collection of the amount due on an interest beaning promissory note from a customer would debit Cash, credit Notes Receivable, and Choice O debito pense O crede Irenest Experne Credit Instincome o income < P 6 H d >...

  • At the end of the month, the adjusting journal entry to record the use of supplies...

    At the end of the month, the adjusting journal entry to record the use of supplies would include a debit to: Multiple Choice Supplies and a credit to Service Revenue. Supplies Expense and a credit to Supplies. Supplies and a credit to Cash. Supplies and a credit to Supplies Expense.

  • having trouble completing with journal entry. Journal entry worksheet 1 2 3 4 Record the rectification...

    having trouble completing with journal entry. Journal entry worksheet 1 2 3 4 Record the rectification entry for purchasing file cabinet and office supplies, check 1918. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30, 20X1 Accounts payable 9.440 GENERAL JOURNAL PAGE 3 Post. Ref. Debit Credit Date Description 20X1 April1 Accounts Payable Fees Income Performed services on credit 12,800 12,800 660 2 Cash Telephone Expense Paid for March telephone service, Check 1917 660 nces 3 Office...

  • On the date of payment for a cash dividend, what journal entry is required? O A....

    On the date of payment for a cash dividend, what journal entry is required? O A. Debit Retained Earnings and credit Dividends Payable O B. Debit Dividends and credit Retained Earnings OC. Debit Dividends Payable and credit Cash OD. Debit Cash and credit Dividends Payable

  • Question 11 1 pts The journal entry to record a company's cash collection of accounts receivable...

    Question 11 1 pts The journal entry to record a company's cash collection of accounts receivable would include a credit to the following account: O Cash ET O Sales Revenues O Accounts Receivable O Accounts Payable O None of the Above

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT