Post Company uses $10,000 in cash to pay $10,000 on accounts payable. This would result in:
$10,000 credit to cash and a $10,000 credit to accounts payable.
$10,000 debit to cash and a $10,000 debit to accounts payable.
$10,000 credit to cash and a $10,000 debit to accounts payable.
$10,000 debit to cash and a $10,000 credit to accounts payable.
A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?
In regard to the balance sheet, which of the following statements is true?
Income and expenses are reported on the balance sheet.
The balance sheet reflects both a point in time and a period of time.
The balance sheet reflects a period of time.
The balance sheet reflects a point in time.
Which of the following are current assets?
Cash, accounts receivable, inventory, accounts payable
Cash, accounts receivable, inventory, supplies
Cash, equipment, inventory, vehicle
Cash, accounts receivable, inventory, building
Which of the following true In regard to current liabilities?
Current liabilities are liabilities that you recently paid.
Notes payable is normally a current liability.
Equipment, vehicles, buildings and land are all current liabilities.
Current liabilities are debts and obligations that must be paid within 12 months or less.
A company purchases $23,000 of supplies in the current month and promises to pay for them next month. How would the company record a liability for the supplies?
This liability is not a recognized liability until the payment is due.
$23,000 would be posted as a credit to accounts payable.
$23,000 would be posted as a credit to supplies expense.
$23,000 would be posted as a debit to accounts payable.
Alpha Company borrows $200,000 from its bank and buys equipment. How does this transaction affect the accounting equation?
Assets and Liabilities both increase by $200,000.
Assets and Equity both decrease by $200,000.
Assets, liabilities and equity are unchanged.
Equity increase by $200,000 and liabilities decrease by $200,000.
Bravo Company purchases Land for $200,000 paying cash of $$80,000 and signing a note for the balance. The accounting entry would be:
Debit Land $120,000; Credit Notes Payable $120,000.
Debit Land $200,000; Credit Cash $200,000.
Debit Land $200,000; Credit Cash $80,000; Credit Notes Payable $120,000.
Debit Land $80,000; Credit Cash $80,000.
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