Question

A restaurant purchased a new point of sale terminal by paying one-half of its cost in cash and owing the balance on account. the journal entry requires a:

Answer 1

If a restaurant purchased a new point of sale terminal by paying one-half of its cost in cash and owing the balance on account. the journal entry requires a debit to an asset, a credit to an asset, and a credit to a liability.

What is meant by a debit to an asset?

The term debit to an asset in financial terms is used to refer to the increases that would be seen in an asset.

The term credit to an asset would have to do with the loss to an asset based on the same definition.

Hence we would say that If a restaurant purchased a new point of sale terminal by paying one-half of its cost in cash and owing the balance on account. the journal entry requires a debit to an asset, a credit to an asset, and a credit to a liability.

Read more on assets here: brainly.com/question/11209470

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