The correct entry to record a tool purchase of $500 is Debt tools expense $500, Credit cash $500
From the complete question, the purchase price is given as:
Greater than $1000
The above entry would be recorded as follows:
For each entry, the amount is one-half of the amount of the tool purchase In other words, the half of $1000 ($500)
Hence, the correct entry to record a tool purchase of $500 is Debt tools expense $500, Credit cash $500
Read more about credit entries at:
https://brainly.com/question/24419645
