question 15-17

QUESTION 15 During a game of Monopoly Player 1 purchased 2 houses on St. Charles Place for $2006., 5100 per house) Player 1 later sold both houses back to the tank for a total of 5100. What is the correct accounting to record the sale of the houses? O a Debit cash for $100, debit loss on sale for $100, and credit houses for $200, b. Debit cash for 5100 and credit houses for $100. O Debit cash for $200, credit land for $100 and credit gain on sale for $100 od Debit houses for $100, debit loss on sale for 5100, and credit cash for $200, QUESTION 16 During a game of Monopoly Player #1 mortgaged New York Avenue and received $100 from the bank. Later in the game Player #1 removed the mortgage by paying the bank the $100 principal amount plus interest expense at 10% (or $10). What is the accounting for Player #1 when the mortgage Is repaid? O a Debit mortgage payable for $100, debit interest expense for $10, and credit cash for $110. b. Debit cash for $110, credit mortgage payable for $100 and credit interest expense for $10. O c. Debit mortgage payable for $110, and credit cash for $110. O d. Debit mortgage payable for $100, debit accrued interest expense for $10, and credit cash for $110. QUESTION 17 Which of the following items would most likely be classified as a financing activity? a. Issuance of debt O b.payment of income taxes O c. investments in the stock of a supplier Od the purchase of land to expand the company's manufacturing capacity