The general journal entry to record the purchase of an asset for cash would include:

A) a debit to Accounts Receivable and a credit to Fees Earned.
B) a debit to Equipment and a credit to Accounts Payable.
C) a debit to Accounts Payable and a credit to Cash.
D) a debit to Supplies and a credit to Cash.

Accounts Receivable

Funds that customers owe a company for goods or services that have already been delivered or utilized, but payment has not yet been received.

Fees Earned

Income earned by a company for services provided to clients, usually recorded as revenue in the income statement.

Accounts Payable

Liabilities to creditors for goods and services received that have not yet been paid for.