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Martin's Mail Service purchased equipment for $7,000. Martin paid $2000 in cash and signed a note for the balance. Martin debited the Equipment account,
Martin's Mail Service purchased equipment for $7,000. Martin paid $2000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and nothing further must be done. x debited the retained earnings x account for $5000. credited another asset account x for $5000. credited a liability account for $5000 x
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