37 Heckart Corporation purchased plant assets for $120,000 cash. The journal ent

Question

37 Heckart Corporation purchased plant assets for $120,000 cash. The journal entry to record the outflow of cash is: a. Investments 120,000 Cash 120,000 b. Plant Assets 120,000 Cash 120,000 c. Plant Assets Purchases 120,000 120,000 d. Purchases 120,000 Plant Assets 120,000 e. none of the above 38. Northbrook Corporation issued S60,000 bonds payable to acquire Machinery. The jounal entry to record the transaction is: a. Machinery 60,000 Cash 60,000 b. Machinery 60,000 Bonds Payable 60,000 c. Bonds Payable 60,000 Machinery 60,000 d. Cash 60,000 Bonds Payable 60,000 e. none of the above

Explanation / Answer

37) plant assets(db)120000
cash(cr)120000
It is option B

38) machinery(db)60000
bonds payable(cr)60000

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