Jerome purchased a building for his business by signing a note to be repaid over the next ten years. Which of the following correctly describes how to record this transaction?
A) Debit assets, credit liabilities.
B) Debit assets, credit stockholders' equity.
C) Debit liabilities, credit assets.
D) Debit expenses, credit liabilities.
Answer: A
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.