Crane Mail Service purchased equipment for $2540. Crane paid $400 in cash and signed a note for the balance. Crane debited the Equipment account, credited Cash and O credited a liability account for $2140. debited the retained earnings account for $2140. nothing further must be done. O credited another asset account for $400.

rane Mail Service purchased equipment f 2540. Crane paid $400 in cash and signed te for the balance. Crane debited the quipment account, credited Cash and credited a liability account for $2140. debited the retained earnings account for $2140. nothing further must be done. credited another asset account for $400