Question: Purchased a computer system for use in the business for $12,000; paid $5,000 down and signed a 1 year 12% note for the balance. Purchased

Purchased a computer system for use in the business for $12,000; paid $5,000 down and signed a 1 year 12% note for the balance. Purchased $21,000 of gourmet dog cuisine from a local manufacturing company; paid 1/3 in cash and the balance on account. For both what is the debit and what are credits and how do you know?

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