Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company paid cash of $3,500 on its account with one of its suppliers it regularly purchases inventory from. The inventory purchase itself was recorded

image text in transcribed

A company paid cash of $3,500 on its account with one of its suppliers it regularly purchases inventory from. The inventory purchase itself was recorded previously. What is included in the journal entry necessary to record this payment on account? Credit to inventory for $3,500. Debit to inventory for $3,500. Debit to accounts payable for $3,500. Credit to accounts payable for $3,500. 6) On January 1 , a company has total assets of $500,000, total liabilities of $200,000, and total equity of $300,000. On January 1 , the company entered into the following two transactions: - Purchasing goods for resale: Total cost of this inventory was $90,000. The company paid $10,000 cash and the remainder was put on the company's credit accounts with its suppliers. - Selling land for cash: The original cost of the land was $62,000. The land was sold for $180,000. After these two transactions, what is the total of the company's assets? $580,000$698,000$708,000$778,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: E. Thomas Garman, Raymond Forgue

8th Edition

0618471421, 9780618471423

More Books

Students also viewed these Finance questions

Question

Patients are kept waiting two hours for appointments.

Answered: 1 week ago