A team bought P65,000 worth of delivery tractor to ANZAC she gave P15,000 down payment and issued a P3,000 promissory note and promised to pay the balanced in 30 days . A. Debit-Purchases Debit-cash Credit-Accounts Payable B. Debit-Purchases Credit Cash C. Debit-Purchases Credit-Accounts Payable Credit-Cash D. none of the above
Credit account payable
3)a. unearned expense
13)d. immediate recognition
14)d. at the point of delivery of the goods to the customers
Debits and credits are equal but opposite entries in your books. If a debit increases an account, you will decrease the opposite account with a credit. A debit is an entry made on the left side of an account. It either increases an asset or expense account or decreases equity, liability, or revenue accounts.