Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. scotts company purchased a $70,000 building and pu

Scotts Company purchased a $70,000 building and purchased five used desks for $500. What would...

80.2K

Verified Solution

Question

Accounting

Scotts Company purchased a $70,000 building and purchased five used desks for $500. What would the debit portion of the entry to record the purchases include?

a. A Debit to Assets-Building $70,000 and a Debit to Assets-desks $500

b. A Debit to Assets-Building $70,000 and a Debit to Expense-desks $500

c. Debit to Expense $70,000 and a Debit to Assets-desks $500

d. A Debit to Expense $70,500

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

11.  Problem 11.12 (IRR and NPV) eBook Problem Walk-Through A company is analyzing two mutually exclusive projects, S...

Finance
Q

#Python Given a dictionary gradeCounts = { \"A\": 8, \"D\": 3, \"B\": 15, \"F\": 2, \"C\": 6...

Programming
Q

brought the country back and forth between Protestantism and Catholicism gained positions of power in...

Biology
Q

Stress strain graph for a metallic wire is shown at four different temperatures T T...

Physics
Q

Consider fully developed laminar flow in a circular pipe shown below Use a cylindrical control...

Physics
Q

point m Attempt 1 of Unlimited Measurements taken 25 ft from the base of a...

Geometry
Q

10 9 8 7 6 5 4 3 2 1 A B D This graph...

Geometry
Q

15 1 point The decay of 200 particles of a particular radioactive substance is given...

Basic Math
Q

A company has received applications from 15 candidates who seem to be equally qualified. If...

Basic Math
Q

Segn COSO, cul de los siguientes es un objetivo de cumplimiento? A. Para mantener...

Accounting
Q

Boyd Bayer acquired 100 shares of Evans Corporation stock for $3,000 on January 8, 2016....

Accounting
Q

Which of the following would be classified as a financing activity on the statement of...

Accounting