Question

On May 10, 2019, ABC Company purchased equipment for $12,000, paid $5,000 cash and the remaining...

On May 10, 2019, ABC Company purchased equipment for $12,000, paid $5,000 cash and the remaining on account. On May 15, 2019, the company paid 40% of the amount due.

1) The credit side of May 10 entry should include: *

Equipment $12,000

Accounts Payable $7,000

Cash $2,800

All of the above

2) The entry of May 15 will include Account Payable of: *

$7,000

$4,200

$2,800

$4,800

3) What is the remaining balance due from the purchase of the equipment? *

$7,000

$4,200

$2,800

$4,800

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.) Complete the journal entries for the following transactions: On July 1, 2019, ABC Company purchased...
1.) Complete the journal entries for the following transactions: On July 1, 2019, ABC Company purchased merchandise on account for $10,000, with terms 1/10, n/30. The entry would include a debit to (inventory, accounts payable) a. and a credit to (inventory, accounts payable) b. for $10,000.(inventory, accounts payable)c. On July 8, 2019, ABC Company paid for the above purchase. The entry would include a debit to (inventory, accounts payable)d. for (9900,10000) e. , a credit to (inventory, cash) f. for...
On January 1, 2019, ABC Company purchased a new piece of equipment. The equipment was assigned...
On January 1, 2019, ABC Company purchased a new piece of equipment. The equipment was assigned a $7,000 residual value and is expected to produce a total of 60,000 units over its life. The depreciation expense reported on the equipment for 2019 was $10,734. During 2020, the equipment was used to produce 9,000 units. At December 31, 2020, the book value of the equipment was $57,466. ABC Company is using the units-of-production depreciation method to depreciate the equipment. Calculate the...
On May? 1, Santelle Company purchased $700 of inventory on account with credit terms of 33?/10,...
On May? 1, Santelle Company purchased $700 of inventory on account with credit terms of 33?/10, net 30. Santelle uses the perpetual inventory system. On May? 2, the seller gave Santelle a $160 allowance due to a product defect. What journal entry did Santelle Company prepare on May? 2? A.debit Accounts Payable for $160 and credit Purchase Discounts for $160. B. debit Accounts Payable for $160 and credit Purchase Returns and Allowances for $160. C.debit Accounts Payable for $160 and...
1. On November 26, Civic Company purchased $1,200 of supplies on account. The journal entry to...
1. On November 26, Civic Company purchased $1,200 of supplies on account. The journal entry to record this transaction will include _____. a debit to Supplies and a credit to Cash a debit to Supplies and a credit to Accounts Payable a debit to Cash and a credit to Supplies a debit to Accounts Payable and a credit to Supplies 2. On November 21, Civic Company received $550 from customers in payment of their accounts. The journal entry to record...
On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a...
On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019 (2.5 marks). What are the characteristics of corporations (2.5 mark). On July 31,...
A company purchased new equipment for $52,000. The company paid cash for the equipment. Other costs...
A company purchased new equipment for $52,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $2,500; sales tax paid $2,800; and installation cost, $1,800. The cost recorded for the equipment was: Multiple Choice $57,300. $52,000. $59,100. $54,500.
On June 1, Oxford Company purchased $8,000 of office equipment from Comma Company. Oxford Company paid...
On June 1, Oxford Company purchased $8,000 of office equipment from Comma Company. Oxford Company paid $2,000 in cash, and it signed a 6-month, 10% note payable for the remaining balance. How would Oxford Company record this transaction on June 1? (which entry is correct?) A. Cash 2,000 Equipment                                          8,000 Notes Payable                                     6,000 B. Equipment 8,000 Cash                                                    2,000 Notes Payable                                     6,000 C. Cash 2,000      Equipment                         8,000 Notes Payable                                     10,000 D. Notes Payable 6,000      Cash                                   2,000 Equipment                                          8,000 E....
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,400...
On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,400 Accumulated Depreciation—Equipment $2,200 Accounts Receivable 5,000 Accounts Payable 4,900 Inventory 11,700 Salaries and Wages Payable 1,200 Supplies 1,300 Common Stock 30,000 Equipment 22,000 Retained Earnings 9,100 $47,400 $47,400 During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $500 is for December and $1,200 is for November salaries and wages payable. 8 Received...
On May 30, 20x6, Hopple Ltd. purchased equipment costing $54380. The company paid $8905 cash and...
On May 30, 20x6, Hopple Ltd. purchased equipment costing $54380. The company paid $8905 cash and signed a 1-year, 7% note payable for the remaining amount of $45475. How would this transaction be reflected in the cash flow statement? Select one: a. Investing outflow of $54380 and a financing outflow of $45475 b. Investing outflow of $8905 and a financing outflow of $0 c. Investing outflow of $8905 and a financing outflow of $45475 d. Investing outflow of $0 and...
Craine Company acquired an 80 percent interest in Bates Company on January 1, 2019. Craine paid...
Craine Company acquired an 80 percent interest in Bates Company on January 1, 2019. Craine paid $896,000 in cash to the owners of Bates to acquire these shares. In addition, the remaining 20 percent of Bates shares continued to trade at a total value of $224,000 both before and after Craine’s acquisition. On January 1, 2019, Bates reported a book value of $626,000 (Common Stock = $313,000; Additional Paid-In Capital = $93,900; Retained Earnings = $219,100). Several of Bates’ buildings...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT