Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASAP pls!! Just answer, no need explanation! Thanks so much!! ori (Body 11 IU X, X DA A- A A Font =-=-=-= = = 2!

ASAP pls!! Just answer, no need explanation! Thanks so much!!
image text in transcribed
ori (Body 11 IU X, X DA A- A A Font =-=-=-= = = 2! Paragraph 5 2 3 AaBbCcDd AaBbCcDd AaBbc 1 Normal 1 No Spac... Heading 1 Editing EC 1 Styles 45 Ed 6 7 8. Your company buys $250,000 worth of material on terms of 10% net 10. If you pay for the material within 10 days, which of the following best describes how you should post that entry? Select the single best answer: A. credit Accounts Payable $25,000; debit Purchase Discounts $225,000 B. debit Accounts Payable $250,000, credit Purchase Discounts $25,000; credit Cash $225,000 C. credit Cash $225,000, debit Interest Expense $25,000 D. credit Cash $225,000, debit Income $25,000, debit Accounts Payable $250,000 E credit Equipment $250,000; debit Cash $250,000 Which of the following scenarios depicts the correct use of the Petty Cash account? Select all answers that apply: A. The warehouse manager asks for a personal loan until payday B. The office manager pays for a pizza with petty cash as a thank you to the office staff for working hard, C. The president uses petty cash to fill the company car with gas on his way to work. D. The president pays his personal credit card bill with petty cash e. The office manager buys office supplies like coffee and sugar for the break room 10. Which of the following accounting equations correctly describes the double entry accounting system? Select the single best answer: A Assets = Liabilities - Capital B. Assets Liabilities. Owner's Equity C. Assets Liabilities D Liabilities Capital E Assets Capital - Liabilities

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

SAP Certified Application Associate Financial Accounting With SAP ERP 6 0

Authors: Kiran K ,Augustine D

1st Edition

1544118724, 978-1544118727

More Books

Students also viewed these Accounting questions

Question

Apply your own composing style to personalize your messages.

Answered: 1 week ago

Question

Format memos and e-mail properly.

Answered: 1 week ago