accounting 454410
Aug 29, 2021 | Uncategorized
| A company purchases a delivery van by paying $8,500 cash and by signing a $28,500 note payable. Which of the following correctly describes the recording of the delivery van purchase? |
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Cash is debited for $8,500. |
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The delivery van account is debited for $28,500. |
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Notes payable is debited for $28,500. |
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The delivery van account is debited for $37,000.
| Cadet Company paid an accounts payable of $1,500. This transaction should be recorded as follows on the payment date. |
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| Cash |
1,500 |
|
| Cost of goods sold |
|
1,500 |
|
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| Notes payable |
1,500 |
|
| Cash |
|
1,500 |
|
| |
| Cash |
1,500 |
|
| Accounts payable |
|
1,500 |
|
| |
| Accounts payable |
1,500 |
|
| Cash |
|
1,500 |
|
|
| Which of the following journal entries is correct when a business entity purchases land costing $48,000 by signing a one year note payable? |
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|
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| Land |
48,000 |
|
| Notes payable |
|
48,000 |
|
| |
| Notes payable |
48,000 |
|
| Land |
|
48,000 |
|
| |
| Cash |
48,000 |
|
| Notes payable |
|
48,000
|
|
