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    jaion1014's Avatar
    jaion1014 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 29, 2008, 04:39 PM
    recording a business tranction
    If I purchased equipment for 1900 and I paid 500 down and owe the balance, how will I work the equation.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Oct 18, 2008, 04:45 PM

    The journal entry will be:

    Debit Equipment for 1900
    Credit Cash for 500
    Credit Accounts Payable for 1200
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