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A company buys equipment for $5,000 cash. Record the journal entry.
- 1
Equipment is an asset that increases, so debit it.
- 2
Cash is an asset that decreases, so credit it.
- 3
AccountDebitCreditEquipment5,000Cash5,000
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- 03
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Snap it with Accounting AI or Calculus AI on iPhone. Both apps read a problem from a photo and solve it step by step.
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