Textron Stores purchased a van that cost $35,000. The firm made a payment of $5,000 cash and the balance on credit. Show the general journal entry to record this transaction.
a. Debit Cash $5,000
Debit Account payable $30,000
Credit Van $35,000
b. Debit Cash $5,000
Debit Account payable $30,000
Credit van $ 35,000
c. Debit Van $ 5,000
Credit Cash $5,000
d. Debit Van $35,000
Credit Cash $5,000
Credit Account payable $30,000
e. Debit Van $30,000
Credit Account payable $30,000
Answer: D
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