$$\begin{array} { | c | l | c | l | l | l | }
\hline \text { April } & 14 & \text { Equipment } & & 15,000 & \
\hline & & \text { Cash } & & & 5,000 \
\hline & & \text { Note Payable } & & & 10,000 \
\hline & & ? ? ? ? ? ? ? ? ? ? ? & & & \
\hline
\end{array}$$ Which is the best explanation for this journal entry?
A) Purchased equipment; paid cash of $5,000, with the remainder to be paid in the future.
B) Purchased equipment; paid cash of $10,000, with the remainder to be received in the future.
C) Purchased equipment with cash.
D) Purchased equipment on account.

Question

$$\begin{array} { | c | l | c | l | l | l | } 
\hline \text { April } & 14 & \text { Equipment } & & 15,000 & \
\hline & & \text { Cash } & & & 5,000 \
\hline & & \text { Note Payable } & & & 10,000 \
\hline & & ? ? ? ? ? ? ? ? ? ? ? & & & \
\hline
\end{array}$$ Which is the best explanation for this journal entry?
A) Purchased equipment; paid cash of $5,000, with the remainder to be paid in the future.
B) Purchased equipment; paid cash of $10,000, with the remainder to be received in the future.
C) Purchased equipment with cash.
D) Purchased equipment on account.

Quizplus · Accepted Answer

Purchased equipment; paid cash of $5,000, with the remainder to be paid in the future.

Which Is the Best Explanation for This Journal Entry? A)

Which Is the Best Explanation for This Journal Entry?
A)