Asked by Amanda
You, the owner of XYZ Day Care, buy a new van for your business. The van costs $20,000, all of which you borrow from First American Bank. Which of the following correctly describes the journal entry for this transaction?
A.$20,000 debit to Vehicles, $20,000 credit to Accounts Payable
B.$20,000 debit to Vehicles, $20,000 credit to Notes Payable
C.$10,000 debit to Vehicles, $10,000 credit to Notes Payable
D.$20,000 debit to Vehicles, $20,000 credit to Owner's Equity
A.
A.$20,000 debit to Vehicles, $20,000 credit to Accounts Payable
B.$20,000 debit to Vehicles, $20,000 credit to Notes Payable
C.$10,000 debit to Vehicles, $10,000 credit to Notes Payable
D.$20,000 debit to Vehicles, $20,000 credit to Owner's Equity
A.
Answers
There are no AI answers yet. The ability to request AI answers is coming soon!
There are no human answers yet. A form for humans to post answers is coming very soon!