ANSWER QUICK!! JUST THE ANSWER PLEASE NO EXPLANATION 7.8.9 For the following operation, choose the correct accounting entry Purchase of land for $120,000, payment of $10,000 in cash, the balance is applied to a 15-year mortgage loan taken out with a local bank Question 7 options: Debit “Land” for $120,000 / Debit “Cash” for $10,000 / Credit “Loan” for $100,000 Debit “Land” for $120,000 / Credit “Cash” for $10,000 / Credit “Loan” for $110,000 Credit “Land” for $120,000 / Credit “Cash” for $10,000 / Debit “Loan” for $130,000 Credit “Land” for $120,000 / Debit “Cash” for $10,000 / Debit “Loan” for $110,000
ANSWER QUICK!! JUST THE ANSWER PLEASE NO EXPLANATION
7.8.9
For the following operation, choose the correct accounting entry
Purchase of land for $120,000, payment of $10,000 in cash, the balance is applied to a 15-year mortgage loan taken out with a local bank
Question 7 options:
Debit “Land” for $120,000 / Debit “Cash” for $10,000 / Credit “Loan” for $100,000
Debit “Land” for $120,000 / Credit “Cash” for $10,000 / Credit “Loan” for $110,000
Credit “Land” for $120,000 / Credit “Cash” for $10,000 / Debit “Loan” for $130,000
Credit “Land” for $120,000 / Debit “Cash” for $10,000 / Debit “Loan” for $110,000
On May 1, 2023, Goldenberg Incorporated signed a note payable for $211,000, with a term of one year and a rate of 3%. The principal and interest will be paid on June 30, 2024. What is the amount of interest expense to be included in the income statement for the year ending December 31, 2023?
6330
791
0
4220
Assume that a company's financial position on January 1, 2022 was: Assets, $40,000 and Liabilities, $15,000. During January 2022, the company completed the following transactions:
(a) paid a “note payable”: $4,000 (without interest);
(b) received payment from his client: $4,000;
(c) paid supplier debts: $2,000;
(d) purchased a truck, $1,000 in cash and $8,000 in Notes Payable.
What is the financial situation of the company as of January 31, 2022?
Assets = $44,000
Liabilities = $17,000
Equity = $27,000
Assets = $43,000
Liabilities = $18,000
Equity = $25,000
Assets = $42,000
Liabilities = $17,000
Equity = $25,000
Assets = $42,000
Liabilities = $9,000
Equity = $33,000
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