Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. answer pls equipment costing $300,000 is purch

answer pls Equipment costing $300,000 is purchased by paying $80,000 cash...

60.1K

Verified Solution

Question

Accounting

answer pls
image
Equipment costing $300,000 is purchased by paying $80,000 cash and signing a note for the remainder. The journal entry to record this transaction should include a debit to Notes Payable for $120,000. credit to Equipment for $300,000. credit to Cash for $80,000. debit to Notes Receivable for $120,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

For the differential equation (2 -x^4)y" + (2*x -4)y' + (2*x^2)y=0. Compute the recursion formula for the...

Advance Math
Q

people You are an epidemiologist visiting an isolated village in the sub Saharan African nation...

Biology
Q

Unit test Google Classroom What are the solutions of the following equation 6 x 21...

Basic Math
Q

6 Rewrite the fraction with 33 as the denominator

Algebra
Q

Which function is the inverse of f x O A f x 36x 2 for...

Algebra
Q

Accounts receivable increased by 3,000 Inventory decreased by 13,000 Supplies increased by 26,000 Accounts payable...

Accounting
Q

Please explain and show me how to do this on Access. Thank you! I posted...

Accounting
Q

On January 3, 2016 equipment costing $60,000 with a 5-year useful life was acquired. No...

Accounting
Q

The balance sheet for Franklin Corporation follows: Required Compute the following. (Round "Ratios" to 1...

Accounting
Q

Suppose the actual budget deficit remains unchanged when the economy falls into a recession. This...

Accounting
Q

Sampa Video, Inc. was the second largest chain of videocassette rental stores in the greater...

Finance
Q

Business risk is the risk inherent that is part of firm's operations of the firm,...

Finance