Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)
A) purchase of office equipment for $12,000, paying $7,000 cash and issuing a note payable for the balance.
B) investment of $5,000 cash in the business by the stockholders.
C) purchase of office equipment for $5,000 cash.
D) repayment of a $5,000 bank loan.
Correct Answer:
Verified
Q23: Which one of the following is not
Q24: The left side of an account is
A)
Q41: The double-entry system requires that each transaction
Q49: An account consists of
A) a title a
Q59: The normal balance of any account is
Q90: On March 1, 2014, Freeze Company hires
Q93: Debits
A)increase both assets and liabilities.
B)decrease both assets
Q93: Jamal Company began the year with $84,000
Q94: In its simplest form, an account consists
Q98: An account is a part of the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents