Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 12 - No. 44)
If a business purchases new equipment, what would be the correct entry in the general journal?
Debit Cash, Credit Equipment
Debit Equipment, Credit Cash
Debit Purchases, Credit Equipment
Debit Equipment, Credit Purchases
Explanation
Debit Equipment (an asset) and Credit Cash (an asset).
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