8. Question 8 At the beginning of the month, the balance of the Loan Payable account was $60,000. At the end of the month, its balance was $90,000. Which of…
7. Question 7 A company raised $45,000 by issuing its common stock. What is the journal entry for the issuance of stock? 1 / 1 point Cash (A) (inc) $45,000 …Accounts Payable…
6. Question 6 The Garden Spot obtains a $15,000 1-year loan from a bank. What is the journal entry? 1 / 1 point Cash (A) (inc) $15,000 …Loans Payable (L)…
5. Question 5 Campus Computers purchased some goods for resale for $8,000, paid $5,000 in cash, and will pay the remaining amount next month. What is the journal entry for…
4. Question 4 The Garden Spot purchased inventory for $9,000 and will pay the $9,000 next month. What is the journal entry for the purchase? 1 / 1 point Inventory (A) (inc)…
11. Question 11 Suppose a company has only two Asset accounts: Cash and Inventory. During the month, the company purchased two units of inventory at a cost of $1,000 each…
8. Question 8 At the beginning of the month, the balance of the Loan Payable account was $25,000. At the end of the month, its balance was $40,000. Which of…
6. Question 6 Campus Computers obtains a $25,000 6-month loan from a bank. What is the journal entry? 1 / 1 point Cash (A) (inc) $25,000 …Loans Payable (L) (dec) $25,000 …
2. Question 2 Which of the following could result from a single transaction during the current fiscal period? 1 / 1 point Accounts Receivable (AR) decreases and Cash increases; other accounts stay…
1. Question 1 From a financial statement perspective, which of the following could occur during the current fiscal period? 1 / 1 point Assets remain the same, Liabilities increase, and Owners’ Equity…
