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Bogdan [553]
2 years ago
14

What's the correct entry to record a tool purchase of $500?.

SAT
1 answer:
gogolik [260]2 years ago
7 0

The correct entry to record a tool purchase of $500 is Debt tools expense $500, Credit cash $500

From the complete question, the purchase price is given as:

Greater than $1000

The above entry would be recorded as follows:

  • Debt tools
  • Credit cash.

For each entry, the amount is one-half of the amount of the tool purchase In other words, the half of $1000 ($500)

Hence, the correct entry to record a tool purchase of $500 is Debt tools expense $500, Credit cash $500

Read more about credit entries at:

brainly.com/question/24419645

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