The university purchased a new electric range for $16,000. The electric range is an asset account which

Fantastic news! We've Found the answer you've been seeking!

Question:

The university purchased a new electric range for $16,000. The electric range is an asset account which is debited because the asset balance increased. Accounts payable is a liability account which is credited because, liability account also increases since it was put on credit to purchase. Electric Range16,000 Accounts Payable16,000

Posted Date: May 18, 2024 11:10 PM

See More Questions

The trial balance of Terry manning Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. Adjustment data: 1. Store supplies on hand totaled $2,500. 2....
In the circuit in figure, the complex power supplied by source S1 is 2000 j10 n V1 V2 +1
Use the data set, which represents the pollution indices for 24 U.S. cities. Use a stem-and-leaf plot to display the data set. Describe any patterns. 22 41 46 50 38 57 65 49 33 28 53 32 41 23 38 5 28...
An analysis sheet for Gutmans Gutters, a firm that manufactures aluminum and steel gutters, is included in the Working Papers. Your instructor will guide you through the following examples. 1. For...
The following series of payments will repay a present sum of $5000 at an 8% interest rate. Using single payment factors, what present sum is equivalent to this series of payments at a 10%interest...
In order to accumulate enough money for a down payment on a house, a couple deposits $ 6 8 5 per month into an account paying 3 % compounded monthly. If payments are made at the end of each period,...
1. a) Find the cyclic subgroups of the group S4 b) Find the cyclic subgroups of the additive group Z7 2. Find the order of all elements of: a) the additive group Zg. b) the multiplicative group Z.
Without using the examples provided in the chapter, give two examples of how auditors might use each of the following functional capabilities of audit software: a. File reorganization b. Statistical...
Briefly explain the difference between a Boolean operator and a relational (conditional) operator used in a selection expression for generalized audit software. Be sure to explain their different...
What purposes might auditors seek to achieve in using generalized audit software to examine the quality of data maintained on an application system files?
Briefly discuss the motivations for developing generalized software specifically for audit purposes. Even though generalized retrieval software already existed before audit software was developed,...
How are spool/printer files useful for backup and recovery purposes? From a backup and recovery viewpoint, what factors determine how long a spool file should be kept?
-1, -1 Y If cos-x 4x * = a, then - 4xy cos a + y is equal to CoS - 2 (A) 2 sin a () 4 (C) 4sin'a (D) -4sin?a
Reichenbach Co., organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2018 and 2019. Instructions...
Prove or disprove. A directed graph is a tree if and only if it is quasi-connected and has no directed cycles.
Would the directed spanning tree algorithm also find an undirected spanning tree if the given graph was connected and undirected? Explain.
Because of the continuity assumption, it is impossible to prepare meaningful financial statements for a bankrupt company.

The university purchased a new electric range for $16,000. The electric range is an asset account which

Question:

Expert Answer:

Students also viewed these accounting questions