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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?.
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24 votes
24 votes
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?.

User Scott Arrington
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1 Answer

16 votes
16 votes

Step-by-step explanation:

a. nothing further must be done.

b. credited another asset account for $400.

c. credited a liability account for $2,100.

d. debited the retained earnings account for $2,100.

User Akinuri
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