C ezto mheducation com/hm tpr connect. ACCT 2301: Fall 2017 ACCT 2301 ONLINE Hug

Question

C ezto mheducation com/hm tpr connect. ACCT 2301: Fall 2017 ACCT 2301 ONLINE Hugo Rivas TING FINAL EXAM PART1 Question 7 (of 20) Save & Exit Sube Time remalning: 0:49.20 Your company purchases equipment for $2 million paying $300,000 in cash and issuing $1.7 million in promissory notes. When the journal entry is posted to the relatesd $2 million will be debted to asset accounts, S2 milion will be credited to lability accounts O $2 million will be credited to asset accounts$2 million will be debited to liability accounts O $2 milion will be credited and $300.000 will be debited to esset accounts, $17 million will be debited to liability accounts $2 milion wil be debited and $300 000 will be credited to esset accounts. St7 million will be credned to liablity accounts. Type here to search 354 PM 12/12/2017

Explanation / Answer

Equipment (asset) 2000000                 Cash (asset) 300000                 Notes payable (liability) 1700000 Correct answer is D

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