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
icon
Related questions
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.
Transcribed Image Text: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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education