The balance in accounts payable on 1/1 was $5,000. The balance in the Equipment account was $10,000.

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The balance in accounts payable on 1/1 was $5,000. The balance in the Equipment account was $10,000. The company purchased new equipment on account for 1,000. Please show the balances in each of the accounts as a result of the sale. Use T accounts.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: Feb 17, 2024 12:36 AM

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The balance in accounts payable on 1/1 was $5,000. The balance in the Equipment account was $10,000.

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Fundamentals of Financial Accounting

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