A company purchased equipment for use in the business at a cost of $14,500, one-fifth was paid in cash, and the company signed a note for the balance. The journal entry to record this transaction will include a:
A. debit to Equipment of $2900.
B. debit to Cash of $14,500.
C. credit to Notes Payable of $11,600.
D. debit to Notes Payable of $11,600.
Answer: C
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