- Debt asset, credit equity
- Debt liablity, credit asset.
- Debit asset, credit liability
- Debit equity, credit asset.
Correct Answer:
- Debit asset, credit liability
A business purchased office equipment by issuing a one-year note payable. The entire amount of the note is due at the end of one year. How do you record this transaction?
Correct Answer:
Latest Updates
No posts found in this category.