Equipment costing $20,000 is purchased by paying $5,000 cash and signing a note payable for the remainder.The journal entry should include a
A) credit to Notes Payable.
B) debit to Cash.
C) credit to Notes Receivable.
D) credit to Equipment.
Correct Answer:
Verified
Q139: Posting
A) should be performed in account number
Q191: The Unearned Service Revenue account is classified
Q193: An accounting record that includes a list
Q194: Which of the following statements is incorrect?
A)A
Q195: Typically the chart of accounts begins with
A)asset
Q197: Which of the following accounts would likely
Q198: Which of the following accounts is an
Q199: A journal
A)contains only asset and liability accounts.
B)is
Q200: The principal purpose of posting is to
A)help
Q201: A trial balance
A)is a list of accounts
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