Multiple Choice
TransAm Mail Service purchased equipment for $2,500.TransAm paid $400 in cash and signed a note for the balance.TransAm debited the Equipment account, credited Cash and
A) nothing further must be done.
B) debited the retained earnings account for $2,100.
C) credited another asset account for $400.
D) credited a liability account for $2,100.
Correct Answer:
Verified
Correct Answer:
Verified
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