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XYZ Company buys equipment that costs $5,000 on account. Which of the following is the correct journal entry for this transaction? Select one: a. debit
XYZ Company buys equipment that costs
$5,000 on account. Which of the following is the correct journal entry for this transaction?\ Select one:\ a. debit Equipment
$5,000; credit Accounts Payable
$5,000\ b. debit Accounts Payable
$5,000; credit Equipment
$5,000\ c. debit Equipment
$5,000; credit Cash
$5,000\ d. debit Cash
$5,000; credit Equipment
$5,000 
XYZ Company buys equipment that costs $5,000 on account. Which of the following is the correct journal entry for this transaction? Select one: a. debit Equipment $5,000; credit Accounts Payable $5,000 b. debit Accounts Payable $5,000; credit Equipment $5,000 c. debit Equipment $5,000; credit Cash $5,000 d. debit Cash $5,000; credit Equipment $5,000
XYZ Company buys equipment that costs
$5,000on account. Which of the following is the correct journal entry for this transaction?\ Select one:\ a. debit Equipment
$5,000; credit Accounts Payable
$5,000\ b. debit Accounts Payable
$5,000; credit Equipment
$5,000\ c. debit Equipment
$5,000; credit Cash
$5,000\ d. debit Cash
$5,000; credit Equipment
$5,000 Step by Step Solution
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