1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
pickupchik [31]
2 years ago
10

Give the journal entry (FOR FULL CREDIT ALWAYS GIVE JOURNAL ENTRIES IN PROPER FORM: see Hints/FAQ tab for guidelines) when a bui

lding is purchased for $20,000 cash & a notes payable for $40,000:
1. Both the account title AND dollar amount being credited MUST be indented to show right vs. left.
2. The total dollar amount being debited MUST equal the total dollar amount being credited.
3. Do NOT use the $ sign or the words "debit" or "credit" as this is evident when you use proper form.
4. Line up the BEGINNING of your account titles & END of dollar amounts being debited vs. those being credited.
CORRECT FORM: Equipment 20,000
Cash 1,000
Common Stock 21,000 line up names/dollar amounts being credited vs. debited
Business
1 answer:
Digiron [165]2 years ago
8 0

The journal entry of a building being purchased will be, a debit in the building account by $60,000; and the cash account and payables account will be credited by $20,000 and $40,000 respectively.

<h3>What is a Journal Entry?</h3>

A method of recording the monetary transactions of a business firm throughout a financial period, in such a way that effects of the same are reflected in the financial statements, is known as recording of journal entries.

Hence, the effect of the journal entry has been given above, and an image is also provided for better understanding of the concept for the readers.

Learn more about journal entry here:
brainly.com/question/20421012

#SPJ1

You might be interested in
Which of the following statements about annuities are true?
viktelen [127]

Answer:

A)The first cash flow of an annuity due is made on the first day of the agreement.

D)The last cash flow of an ordinary annuity is made on the last day covered by the agreement.

Explanation:

An annuity can be regarded as a series of payments which is made at an stable intervals. It can be classified based on the payment frequency. These could be monthly home mortgage payments,

It should be noted that in annuities,

✓The first cash flow of an annuity due is made on the first day of the agreement.

✓The last cash flow of an ordinary annuity is made on the last day covered by the agreement.

6 0
2 years ago
The PHS regulations about financial conflict of interests require which party to disclose significant financial conflicts of int
lianna [129]

Answer:

C. Researcher

Explanation:

The PHS or Public Health Service regulations established specific rules created in order to increase accountability, implement transparency, and even increase regulatory compliance and management of financial conflicts of interest which require researcher party to disclose significant financial conflicts of interest

6 0
3 years ago
In Crane Company, land decreased $154000 because of a cash sale for $154000, the equipment account increased $55000 as a result
Naya [18.7K]

Option (B) The net cash provided by investing activities is $99000 is correct.

<h3>What is net cash?</h3>
  • On a company's financial statements, net cash is a sum that is given.
  • It is determined by deducting a company's total cash from its total liabilities.
  • When assessing the cash flows of a corporation, the net cash figure is frequently utilized.
<h3>What is cash flow?</h3>
  • The net balance of money coming into and going out of a business at a particular period is referred to as cash flow.
  • A firm constantly receives and expends cash.
  • For instance, when a retailer buys merchandise, money leaves the company and goes to its suppliers.
<h3>Calculation of Net cash provided by investing activities:</h3>

Net cash provided by investing activities = land ($154000 cash inflow) - equipment purchase ($55000 cash outflow) = $99000

Hence, The net cash provided by investing activities is $99000.

Learn more about cash flow here:

brainly.com/question/18301012

#SPJ4

5 0
1 year ago
2020 Advanced Exam - Advanced Scenario 7: Travis and Sylvia Kennedy - Question 2 of 9. 21. The total taxable interest on Form 10
vlabodo [156]

Answer:

$140

Explanation:

Form 1040 is used to report IRS about the taxable income that U.S. tax payers has received. It is a form of Income tax in United States. The form must be filled and signed by 15th April every year.

6 0
3 years ago
Which of the following items is an example of revenue?
dedylja [7]

Answer:

b. Cash received from customers at the time services were provided.

Explanation:

When a business recieves payment for goods or services rendered it has earned revenue.

Revenue is defined as the income that a business generates from normal business activities such as sales of goods and services.

It is also called sales turnover.

7 0
3 years ago
Other questions:
  • Long-term debt on the common-size balance sheet of Solid Rock Construction over the past three years is 30%, 34%, and 40%, respe
    8·2 answers
  • Arrange the types of investments in the correct order from the least risky to the most risky investment.
    10·1 answer
  • Liquidity ratios are used to measure a firm's ability to meet its obligations as they come due. Two of the most commonly used li
    12·1 answer
  • Harry has just inherited $300,000. Harry has decided to quit his job and go to school full time for the next five years by livin
    12·1 answer
  • If the current allocation of resources in the market for wallpaper is efficient, then it must be the case that
    5·1 answer
  • What power does a market leader in an oligopoly have
    13·2 answers
  • What is the proper adjusting entry at December 31. the end of the accounting period, if the balance in the prepaid insurance acc
    5·1 answer
  • During the purchase phase for a new car, Larry creates a _____ that includes Chrysler 300 and Toyota Avalon, but does not includ
    5·1 answer
  • A purely domestic firm that sources its products, sells its products, and raises its funds domestically. . Which of the followin
    5·1 answer
  • In the study of internal control, the auditor uses sampling to compare the __________ to the __________.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!