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Muskan Baweja
on Oct 16, 2024

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If a company purchases equipment paying cash,the journal entry to record this transaction will include a debit to Cash.

Equipment

Tangible property used in the operations of a business, often contributing to the production of goods and services, and generally considered a long-term asset.

Cash

Currency and coins, along with bank balances, checks, and money orders, that are readily available for use.

  • Acquire knowledge on the influence of transactions on asset, liability, and equity accounts.
  • Recognize the proper journal entries for diverse transactions, particularly those affecting revenues, expenses, and dividends.
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Chloe AllanaOct 19, 2024
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