Martin's Mail Service purchased equipment for $3,000.Martin paid $500 in cash and signed a note for the balance.Martin debited the Equipment account, credited Cash and

Name: Martin's Mail Service purchased equipment for $3,000.Martin paid $500 in cash and signed a note for the balance.Martin debited the Equipment account, credited Cash and
Brand: Quizplus
Rating: 4.7 (51 reviews)

Question

Quizplus · Accepted Answer

Martin credited a liability account for $2,500 because he signed a note for the balance, which means he has a liability to pay that amount in the future.

Martin's Mail Service Purchased Equipment for $3,000