Solved: What is the debit and credit for paying construction company, Finance Basics

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What is the debit and credit for paying construction company

Question:

In addition to regular payroll, ET Ice Cream Company hired a local construction company to assemble the structure and freezer paying them $26,000. What is the debit and credit for paying the construction company? How does ET report the construction cost payment to federal agencies?

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Finance Basics: What is the debit and credit for paying construction company

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