Gunner Company purchased a piece of equipment costing $6,000. She paid $1,000 immediately and put the rest on account. Show how to record this transaction to the T-accounts by selecting the correct answer below.$6,000 on left side of the Equipment account; $5,000 on the right side of the Accounts payable account; $1,000 on the right side of the Cash account. $6,000 on the left side of the Equipment account; $6,000 on the right side of the Accounts payable account. $6,000 on the left side of the Equipment account; $6,000 on the right side of the Cash account. $6,000 on the right side of Equipment; $5,000 on the left side of Accounts payable; $1,000 on the right side of the Cash account.

Question

03-02-2020
Business

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Gunner Company purchased a piece of equipment costing $6,000. She paid $1,000 immediately and put the rest on account. Show how to record this transaction to the T-accounts by selecting the correct answer below.$6,000 on left side of the Equipment account; $5,000 on the right side of the Accounts payable account; $1,000 on the right side of the Cash account. $6,000 on the left side of the Equipment account; $6,000 on the right side of the Accounts payable account. $6,000 on the left side of the Equipment account; $6,000 on the right side of the Cash account. $6,000 on the right side of Equipment; $5,000 on the left side of Accounts payable; $1,000 on the right side of the Cash account.

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andromache andromache · Answer 1 · 2020-02-04T11:13:49+01:00

Answer:

$6,000 on left side of the Equipment account; $5,000 on the right side of the Accounts payable account; $1,000 on the right side of the Cash account

Explanation:

The journal entry to record this given transaction is shown below:

Equipment A/c Dr $6,000

To Cash A/c $1,000

To Account payable $5,000

(Being the purchase of a piece of equipment is recorded)

Since the equipment is purchased so it would come in the debit side while the other accounts come in credit side as it reduces the cash balance and the liabilities is also increased