A $50,000 machine is purchased by paying $35,000 cash and signing a bank loan payable for the balance.The journal entry should include a
A) credit to Bank Loan Payable.
B) debit to Cash.
C) credit to Accounts Receivable.
D) credit to Machinery.
Correct Answer:
Verified
Q97: In the first month of operations, the
Q98: A knowledge of the normal balances of
Q99: When a corporation pays a dividend, the
A)Cash
Q100: A credit to a liability account
A)indicates an
Q101: After a business transaction has been analyzed
Q103: The purpose of the ledger is to
A)record
Q104: The name given to entering transaction data
Q105: The chart of accounts begins with
A)asset accounts.
B)liability
Q106: After transaction information has been recorded in
Q107: Which of the following is not true
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