Assignment #1 - Fill in the blank space.

Another example of this, let's buy a piece of machinery for the business on credit.  
We will credit account payable $1,000 and debit equipment $1,000.

acct no.		acct. name			debits		credits
100			CASH				$22,000		$12,000
110			ACCT.REC.				$0			$0
120			VEHICLES			$12,000			$0
							  $8,000
130			ACCT. PAY.				$0		$22,000
										  $8,000
										  $
140			EQUIPMENT			 $