Solved

Which Is the Best Explanation for This Journal Entry

Question 181

Multiple Choice

Which is the best explanation for this journal entry? A) Purchased equipment, paid cash of $5,000, with the remainder to be paid in the future. B) Purchased equipment, paid cash of $10,000, with the remainder to be received in the future. C) Purchased equipment, paid cash for the entire amount. D) Purchased equipment on credit. Which is the best explanation for this journal entry?


A) Purchased equipment, paid cash of $5,000, with the remainder to be paid in the future.
B) Purchased equipment, paid cash of $10,000, with the remainder to be received in the future.
C) Purchased equipment, paid cash for the entire amount.
D) Purchased equipment on credit.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q103: The chart of accounts should be the

Q108: The process of recording a transaction in

Q129: The balance of the account is determined

Q176: Several transactions are listed below, with the

Q177: The Post. Ref. columns are used to

Q179: McMann Company has a condensed income statement

Q180: A dividends account records amounts paid to

Q182: Analyze the following transactions as to their

Q183: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2083/.jpg" alt=" What effect does

Q197: Journal entries can have more than two