25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.

25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EB: Johnson, Incorporated had the following transactions during the year: Purchased a building for...

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Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?
Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue Consulting. Which of the following journal entries does Shue Consulting make to record this transaction? a. Cash Assets . . . . . . . . . . . . . 750,000 L. Shue, Capital . . . . . . . 750,000 b. L. Shue, Capital . . . . . . . . . 750,000 Assets . . . . . . . . . . . . . . . 750,000 c. Cash . . . . . . . . . . . . . . . . . . 250,000 Land . . . . . . . . . . . . . . . . . . 500,000 L. Shue, Capital . . . . . . . 750,000 d. L. Shue, Capital . . . . . . . . . 750,000 Cash . . . . . . . . . . . . . . . . 250,000 Land . . . . . . . . . . . . . . . . 500,000
25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
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