A $20,000 machine is purchased by paying $5,000 cash and agreeing to pay for the remainder in 30 days' time, the journal entry should include a:
A) credit to Accounts payable.
B) debit to Cash.
C) credit to Revenue.
D) credit to Machinery.
Correct Answer:
Verified
Q2: Shareholders paying cash to purchase shares in
Q3: The cash payment of a liability:
A) decreases
Q4: A cash payment of a dividend:
A) decreases
Q5: An expense incurred:
A) decreases assets and liabilities.
B)
Q6: When a business receives an unpaid electricity
Q8: A credit to which account will increase
Q9: The Dividends paid account:
A) normally has a
Q10: Selected transactions for Kookaburra Ltd are listed
Q11: Selected transactions for Kookaburra Ltd are listed
Q12: Selected transactions for Kookaburra Ltd are listed
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