TransAm Mail Service purchased equipment for $2,500. TransAm paid $400 in cash and signed a note for the balance. TransAm debited the Equipment account, credited Cash and:.a. nothing further must be done.
b. credited another asset account for $400.
c. credited a liability account for $2,100.
d. debited the retained earnings account for $2,100.

c. credited a liability account for $2,100

Explanation:

The complete journal entry would be:

Account                      Debit            Credit

Equipment                 $2,500

Cash                                                $400

Accounts Payable                          $2,100

Accounts payable is a liability account that represents the balance that TransAm Mail Service has not yet paid.

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