Martin's Mail Service purchased equipment for $8,000. Martin paid $1,000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and a. nothing further must be done. b. debited the retained earnings account for $7,000. c. credited another asset account for $1,000. d. credited a liability account for $1,000. 84.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Martin's Mail Service purchased equipment for $8,000. Martin paid $1,000 in cash and
signed a note for the balance. Martin debited the Equipment account, credited Cash and
a. nothing further must be done.
b. debited the retained earnings account for $7,000.
C. credited another asset account for $1,000.
d. credited a liability account for $1,000.
84.
Transcribed Image Text:Martin's Mail Service purchased equipment for $8,000. Martin paid $1,000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and a. nothing further must be done. b. debited the retained earnings account for $7,000. C. credited another asset account for $1,000. d. credited a liability account for $1,000. 84.
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