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?© BrainMass Inc. brainmass.com December 15, 2022, 6:01 pm ad1c9bdddf
The entry will be:
Journal entries, debits and credits are investigated. The accounts which should be debited and credited are determined.