Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 11.00

delivery van purchase

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?

  Cash is debited for $8,500.
  The delivery van account is debited for $28,500.
  Notes payable is debited for $28,500.
  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.
 
Cash 1,500  
Cost of goods sold   1,500
 
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?
 
Land 48,000  
Cash   48,000
 
Land 48,000  
Notes payable   48,000
 
Notes payable 48,000  
Land   48,000
 
Cash 48,000  
Notes payable   48,000

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 02:08 PM My Price 11.00

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