Martin's Mail Service purchased equipment for $7,000. Martin paid $2000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Z01 @
pr:..
4G Umniah I.
elearning.jadara.edu.jo a
Martin's Mail Service purchased
equipment for $7,000. Martin paid
$2000 in cash and signed a note for
the balance. Martin debited the
Equipment account, credited Cash
and
nothing further must be done.
debited the retained earnings
account for $5000.
credited another asset account
for $5000.
credited a liability account for
$5000
Transcribed Image Text:Z01 @ pr:.. 4G Umniah I. elearning.jadara.edu.jo a Martin's Mail Service purchased equipment for $7,000. Martin paid $2000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and nothing further must be done. debited the retained earnings account for $5000. credited another asset account for $5000. credited a liability account for $5000
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