The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, Roth Co. purchased equipment on account, $5,000. Indicate the account that should be debited (1) and the account that should be credited (2) for the $5,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 7/01/18 (1) $5,000 (2) $5,000 Group of answer choices debit Equipment; credit Cash debit accounts payable; credit Equipment debit Equipment; credit Accounts Receivable debit Equipment; credit accounts payable
The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, Roth Co. purchased equipment on account, $5,000. Indicate the account that should be debited (1) and the account that should be credited (2) for the $5,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 7/01/18 (1) $5,000 (2) $5,000 Group of answer choices debit Equipment; credit Cash debit accounts payable; credit Equipment debit Equipment; credit Accounts Receivable debit Equipment; credit accounts payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The the chart of accounts for Roth Co. includes the following accounts: Cash,
On July 1, Roth Co. purchased equipment on account, $5,000. Indicate the account that should be debited (1) and the account that should be credited (2) for the $5,000 amount.
JOURNAL page 2
|
DATE |
DESCRIPTION |
POST. REF. |
DEBIT |
CREDIT |
|
7/01/18 |
(1) |
|
$5,000 |
|
|
|
(2) |
|
|
$5,000 |
Group of answer choices
debit Equipment; credit Cash
debit accounts payable; credit Equipment
debit Equipment; credit Accounts Receivable
debit Equipment; credit accounts payable
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