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Eli Opened a New Business by Investing the Following Assets

Question 82

Multiple Choice

Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli?


A) Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli? A) B) C) D) E)
B) Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli? A) B) C) D) E)
C) Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli? A) B) C) D) E)
D) Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli? A) B) C) D) E)
E) Eli opened a new business by investing the following assets: cash, $6,000; land,$30,000; building, $100,000. Also, the business will assume responsibility for a notepayable of $22,000. Eli signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record theinvestment by Eli? A) B) C) D) E)

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