Arpels Clinic purchased X-ray equipment for $50,000, paid $12,000 down, and will
ID: 2500659 • Letter: A
Question
Arpels Clinic purchased X-ray equipment for $50,000, paid $12,000 down, and will pay the remainder on account. Which of the following entries properly records this transaction?
debit Equipment $50,000; credit Cash $12,000, credit Notes Payable $38,000
debit Equipment $12,000; credit Cash $12,000
debit Equipment $50,000; credit Cash $12,000, credit Accounts Payable $38,000
debit Equipment $38,000; debit Cash $12,000, credit Accounts Payable $50,000
a.debit Equipment $50,000; credit Cash $12,000, credit Notes Payable $38,000
b.debit Equipment $12,000; credit Cash $12,000
c.debit Equipment $50,000; credit Cash $12,000, credit Accounts Payable $38,000
d.debit Equipment $38,000; debit Cash $12,000, credit Accounts Payable $50,000
Explanation / Answer
ANSWER = C) debit Equipment $50,000; credit Cash $12,000, credit Accounts Payable $38,000
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