A company purchases a delivery van by paying $8,500 cash and by signing a $28,50

Question

A company purchases a delivery van by paying $8,500 cash and by signing a $28,500 note payable. Which of the following correctly describes the recording of the delivery van purchase? Cash is debited for $8,500. The delivery van account is debited for $28,500. Notes payable is debited for $28,500. The delivery van account is debited for $37,000.

Cadet Company paid an accounts payable of $1,500. This transaction should be recorded as follows on the payment date.   Cash 1,500          Cost of goods sold   1,500        Notes payable 1,500          Cash   1,500        Cash 1,500          Accounts payable   1,500        Accounts payable 1,500         Cash   1,500  

Which of the following journal entries is correct when a business entity purchases land costing $48,000 by signing a one-year note payable?   Land 48,000          Cash   48,000        Land 48,000          Notes payable   48,000        Notes payable 48,000          Land   48,000        Cash 48,000          Notes payable   48,000  

Cash is debited for $8,500. The delivery van account is debited for $28,500. Notes payable is debited for $28,500. The delivery van account is debited for $37,000.

Cadet Company paid an accounts payable of $1,500. This transaction should be recorded as follows on the payment date.   Cash 1,500          Cost of goods sold   1,500        Notes payable 1,500          Cash   1,500        Cash 1,500          Accounts payable   1,500        Accounts payable 1,500         Cash   1,500  

  Cash 1,500          Cost of goods sold   1,500        Notes payable 1,500          Cash   1,500        Cash 1,500          Accounts payable   1,500        Accounts payable 1,500         Cash   1,500  
Which of the following journal entries is correct when a business entity purchases land costing $48,000 by signing a one-year note payable?   Land 48,000          Cash   48,000        Land 48,000          Notes payable   48,000        Notes payable 48,000          Land   48,000        Cash 48,000          Notes payable   48,000  

  Land 48,000          Cash   48,000        Land 48,000          Notes payable   48,000        Notes payable 48,000          Land   48,000        Cash 48,000          Notes payable   48,000  

A company purchases a delivery van by paying $8,500 cash and by signing a $28,500 note payable. Which of the following correctly describes the recording of the delivery van purchase?

Explanation / Answer

The delivery van account is debited for $37,000.

Accounts payable 1,500 Cash 1,500

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.