Bill returned all of the $4,700 purchase of equipment to Sue.The entry to record this is:
A) $\begin{array}{|l|l|cc}
\hline \text { Vouchers Payable } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Equipment} &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$

B) $\begin{array}{|l|l|cc}
\hline \text { Equipment } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Vouchers Payable} &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$

C) $\begin{array}{|l|l|cc}
\hline \text { Equipment } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Accounts Payable } &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$

D)None of these answers are correct.

Question

Bill returned all of the $4,700 purchase of equipment to Sue.The entry to record this is:
A) $\begin{array}{|l|l|cc}
 \hline \text { Vouchers Payable } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Equipment} &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$

B) $\begin{array}{|l|l|cc}
 \hline \text { Equipment } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Vouchers Payable} &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$

C) $\begin{array}{|l|l|cc}
 \hline \text { Equipment } & \text { 4,700 }\
\hline \text { \quad\quad\quad\quad\quad\quad\quad\quad\quad Accounts Payable  } &\quad\quad\quad\quad\quad\quad4,700\
\hline
\end{array}$ 
 
D)None of these answers are correct.

Quizplus · Accepted Answer

The correct entry to record the return of equipment is to debit Vouchers Payable and credit Equipment, as the liability is reduced and the asset is returned.

Bill Returned All of the $4,700 Purchase of Equipment to Sue.The