For purchase of Equipment on cash, following journal entry will be passed.
A. Equipment- debit and cash- credit
B. Asset debit- and cash- credit
C. Machinery- debit and accounts payable- credit
D. Machinery- debit and cash- credit
Answer:A
For purchase of Equipment on cash, following journal entry will be passed.
A. Equipment- debit and cash- credit B. Asset debit- and cash- credit C. Machinery- debit and accounts payable- credit D. Machinery- debit and cash- credit