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 said to be greater than $1000
The above can be recorded using the entries:
For each entry, the amount is half the tool purchase (i.e. $1000).
Hence, the correct entry is Debt tools expense $500, Credit cash $500
Read more about credit entries at:
https://brainly.com/question/14626962
