Accounting Help: Trane Company purchases a delivery van by paying $5,000 cash and by signing a

4 months ago
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Trane Company purchases a delivery van by paying $5,000 cash and by signing a $25,000 note payable. Which of the following correctly describes the recording of the delivery van purchase?
Cash is debited for $5,000.
The delivery van account is debited for $25,000.
Notes payable is debited for $25,000.
The delivery van account is debited for $30,000.

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