Q15. A restaurant purchased anmachine for $4000 paying $1,000 in cashicewith the balance carried on account. Thejournal entry to record this transaction iswhich of the following?Debit equipment $1,000, creditaccounts payable $3,000а.Debit equipment $3,000, creditcash $4,000O b.Debit equipment $4,000, credit cash$1,000С.Debit equipment $4,000, credit cash$1,000 and credit accountspayable $3,000d.

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Description: Q15. A restaurant purchased anmachine for $4000 paying $1,000 in cashicewith the balance carried on account. Thejournal entry to record this transaction iswhich of the following?Debit equipment $1,000, creditaccounts payable $3,000а.Debit equipment

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Business

Accounting

Q15. A restaurant purchased an machine for $4,000 paying $1,000 in cash with the balance carried on account. The ice journal entry to record this transaction is which of the following? Debit equipment $1,000, credit a. accounts payable $3,000 Debit equipment $3,000, credit cash $4,000 ) b. Debit equipment $4,000, credit cash Oc. $1,000 Debit equipment $4,000, credit cash $1,000 and credit accounts Od. payable $3,000

Q15. A restaurant purchased an machine for $4,000 paying $1,000 in cash with the balance carried on account. The ice journal entry to record this transaction is which of the following? Debit equipment $1,000, credit a. accounts payable $3,000 Debit equipment $3,000, credit cash $4,000 ) b. Debit equipment $4,000, credit cash Oc. $1,000 Debit equipment $4,000, credit cash $1,000 and credit accounts Od. payable $3,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Q15. A restaurant purchased an
machine for $4000 paying $1,000 in cash
ice
with the balance carried on account. The
journal entry to record this transaction is
which of the following?
Debit equipment $1,000, credit
accounts payable $3,000
а.
Debit equipment $3,000, credit
cash $4,000
O b.
Debit equipment $4,000, credit cash
$1,000
С.
Debit equipment $4,000, credit cash
$1,000 and credit accounts
payable $3,000
d.

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