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Office Closet has the following assets and liabilities at fair value: Accounts Receivable Equipment Accounts Payable $2,000 7,000 1,000 Supply Warehouse paid $15,000 to
Office Closet has the following assets and liabilities at fair value: Accounts Receivable Equipment Accounts Payable $2,000 7,000 1,000 Supply Warehouse paid $15,000 to acquire it. What would be the General Journal entry made in Supply Warehouse's accounting system on the date of acquisition? Debit Credit A. Accounts Receivable 2,000 Equipment 7,000 Accounts Payable 1,000 Goodwill 5,000 Cash 15,000 B. Accounts Receivable 2,000 Equipment 7,000 Accounts Payable 1,000 Cash 8,000
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