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ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. Journalize this transaction.

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ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. Journalize this transaction.

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Maudie April 1, 2023 в 03:44

The journal entry for this transaction would be: Debit Furniture $15,000 Credit Cash $7,000 Credit Accounts Payable $8,000 This entry reflects the purchase of office furniture for $15,000, with $7,000 paid in cash and the remaining $8,000 placed on the accounts payable ledger. The debit to furniture is an increase in the asset account, while the credit to cash reflects the decrease in the asset account. The credit to accounts payable shows the liability incurred by ABC Corporation for the amount of furniture purchased on credit.

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