On May 17, Burchel Industries purchased equipment with a cost of $2,000 on account. The entry to record the purchase will include

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The purchase was made on account, which means the company did not pay cash at the time of the purchase. Therefore, the entry will include a debit to Equipment (since the company acquired a new equipment) and a credit to Accounts Payable (since the company owes the seller for the purchase).

On May 17, Burchel Industries Purchased Equipment with a Cost