Question
1- Which of the following scenarios could explain the journal entry below? dr Cash 4,000 dr Notes Receivable 6,000 cr Equipment 10,000 2-On January 1,
1- Which of the following scenarios could explain the journal entry below?
| dr | Cash | 4,000 | ||
| dr | Notes Receivable | 6,000 | ||
| cr | Equipment | 10,000 | ||
2-On January 1, 2018, Yukon Inc., had assets of $156,000 and shareholders's equity of $88, 000. During the year assets increased by $35,000 and shareholders's equity decreased by $27, 500. What were the liabilities on December 31, 2018?
-
$7,500.
-
$68,000.
-
$130,500.
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$251,500.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
