Question: Entity I purchased new server for $2,500, paying $500 down and signing a note payable in favor of the seller for the balance. The entry

Entity I purchased new server for $2,500, paying $500 down and signing a note payable in favor of the seller for the balance. The entry to record this transaction:

a.requires two pairs of entries, one for the down payment and one for the cash

b.is a compound entry.

c.includes a debit to Cash and Notes Payable

d.includes two debits to Equipment

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