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Eli Opened a New Business by Investing the Following Assets

Question 29

Multiple Choice

Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli?

A)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
B)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
C)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
D)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
E)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)

Eli Opened a New Business by Investing the Following Assets

Multiple Choice

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