Category: Bookkeeping

The equation remains balanced, as assets and liabilities increase. The balance sheet would experience an increase in assets and an increase in liabilities. The company has yet to provide the service, so it has...

Sal purchases a $1,000 piece of equipment, paying half of the purchase price immediately and signing a promissory note for the remaining balance. Sal’s journal entry would debit the Fixed Asset account for $1,000,...