PLEASE DO IT BY TPYE NOT PICS QUESTION 1 What is the journal entry to record buy

Question

PLEASE DO IT BY TPYE NOT PICS

QUESTION 1

What is the journal entry to record buying a machine on account?

Debit - Cash; Credit - Equipment

Debit - Equipment; Credit - Cash;

Debit -  Equipment; Credit - Accounts Payable;

Debit -  Accounts Payable; Credit -  Equipment ;

QUESTION 2

The objective of financial accounting is to provide ____(1)_____ parties with financial information about the entity that is ____(2)____ in making decisions.  This information is supplied through _____(3)_____  statements.  

Fill in #1. :-

Debit - Cash; Credit - Equipment

Debit - Equipment; Credit - Cash;

Debit -  Equipment; Credit - Accounts Payable;

Debit -  Accounts Payable; Credit -  Equipment ;

Explanation / Answer

(1) journal entry to record buying a machine on account :-

Equipment - Dr

Accounts Payable - Cr

Third option is correct

(2) The objective of financial accounting is to provide external parties with financial information about the entity that is   helpful / relevant    in making decisions.  This information is supplied through ____Financial____  statements.  

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