2. Sethco pays for all of the following items in cash, which means that in the journal entry associated with each item, there will be a credit to cash. For each transaction, specify the name of the account that should be DEBITED. Example: Sethco paid $400 to have its logo painted on its new delivery truck Journal Entry: Equipment $400 Cash 400 Answer: The Equipment account should be debited. Transactions:
2. Sethco pays for all of the following items in cash, which means that in the journal entry associated with each item, there will be a credit to cash. For each transaction, specify the name of the account that should be DEBITED. Example: Sethco paid $400 to have its logo painted on its new delivery truck Journal Entry: Equipment $400 Cash 400 Answer: The Equipment account should be debited. Transactions:
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
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