Glen Turner purchases a high-speed copying machine on credit for his printing business.The machine is expected to have a useful life of four years.What journal entry should be made at the time the copying equipment is received?
A)debit equipment;and credit accounts payable
B)debit copying expenses;and credit accounts payable
C)debit cash;and credit equipment
D)debit depreciation expense - equipment;and credit equipment

Question

Quizplus · Accepted Answer

The journal entry should reflect the acquisition of the copying machine on credit. Therefore, the equipment account should be debited, while the accounts payable account should be credited. This entry recognizes and records the acquisition of the new equipment and the obligation to pay the supplier later.

Glen Turner Purchases a High-Speed Copying Machine on Credit for His