Question

Ace electronics purchased a $35,000 delivery truck in exchange for a 4-year promissory note. the journal entry to record this transaction would include a ______ of $35,000.

Answer 1

Debit to Equipment

Credit to Note Payable this transaction would include $35,000.

Which account titles are indented when journal entries are made?

A Credit Account

The credit account title(s) are always centered on the right after the debit account titles.

Below the debit accounts, the credit account names will be indented.

You'll at least have one debit (possibly more).

Journals are specialized forms that accountants use to record their financial transactions.

The first place information is entered into the accounting system is in a journal.

Because it is where data first enters the system, a journal is frequently referred to as the "book of original entry."

A journal maintains a historical record of all recordable transactions that the business has been involved in. In other words, a journal is a type of business diary.

We refer to the act of entering information into a journal as journalizing the entry.

The second stage of the accounting cycle is journaling the entry.

To learn more about transactions, refer

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