Record the purchase of the copyright on an oil painting for $447,100 cash.

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Pubpbyngr Cevaprff

Business Finance

Description

  • Record the purchase of the copyright on an oil painting for $447,100 cash.

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Explanation & Answer

in this case there has to be  a contra entry this means  a debit and a credit.

DR. purchases account $447700

CR. cash account $447700

this means purchases have increased with with $447 $447700 while cash has reduced with the same amount.


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