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    Finance and Account : Journal Entries, Debits and Credits

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    Steve Smith, the owner of Steve's bowling alley, purchased $10,000 of bowling shoes on 1/31/07. He paid $5,000 in cash, and applied the rest on account. What would be the journal entry to record this transaction? In other words, which accounts should be debited and credited?

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    The entry will be:
    Dr. ...

    Solution Summary

    Journal entries, debits and credits are investigated. The accounts which should be debited and credited are determined.