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
andrey2020 [161]
3 years ago
10

The journal entry to record the purchase of equipment for a $140 cash down payment and a balance of $480 due in 30 days would in

clude Multiple Choice debit to Equipment for $620 and a credit to Cash for $620. a debit to Equipment for $140 and a credit to Cash for $140. a debit to Equipment for $620, a credit to Cash for $140, and a credit to Accounts Payable for $480. a debit to Equipment for $140 and a credit to Accounts Payable for $480.
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

Option C. A debit to Equipment for $620, a credit to Cash for $140, and a credit to Accounts Payable for $480.

Explanation:

The reason is that the equipment has been acquired by the business which is worth $620 and this means that the equipment which is asset in nature must be increased by it fair value which is $620. The purchase of equipment requires the payment of $140 at the spot which means that the cash asset will be reduced by $140 and the remainder $480 will be paid in future which means that the current liabilities will be increased by $480.

Increase in Equipment (fixed asset) is debited by $620.

Decrease in Cash (asset) is credited with $140.

Increase in current liability is always credited and in this case must be credited with $480.

Journal entry in nutshell is as under:

Dr Equipment $620

Cr Cash Account          $140

Cr Accounts Payables  $480

You might be interested in
Marcy listed her property with Jennings Homes in March. The market was slow, and Marcy's property isn't in great condition—thoug
Kitty [74]

Answer: Mutual agreement to terminate the listing

Explanation: Analysing both conditions, The fact that Market is slow coupled with the defective condition of Mary's property may both culminate in Jennings finding a suitable buyer for the property. To fix this, Jennings proposed that Marcy being the owner should fix the property so as to increase sales probability, which Marcy declined as she was sure the location of the property was good enough to attract buyers. Here, both have different notions and cannot seem to Rea hba compromise in other to aid the sale of the property, the best option is for both Marcy and Jennings Homes to reach a mutual consent and terminate the listing contract.

7 0
3 years ago
Assume that a context switch takes T time. Suggest an upper bound (in terms of T) for holding a spinlock. If the spinlock is hel
Mila [183]

Answer:

Assume that a context switch takes T time. Suggest an upper bound (in terms of T) for holding a spinlock. If the spinlock is held for any longer, a mutex lock (where waiting threads are put to sleep) is a better alternative.

Explanation:

The top limit is to be twice the value of (2xT). Holding the spinlock for a longer time, it will be necessary to put the thread to sleep and get a context switch, so one process awakes the sleeping thread  without the need of a second context switch.

In process synchronization, cooperating process can affect or be affected by other processes  executing in the system,  either directly share a  logical address space, both code and data, or be allowed to share data  only through files or messages, although concurrent access to shared data may result in  data inconsistency. But there are several mechanisms  to help the orderly execution of cooperating processes that share a logical  address space, so that data consistency is kept.

5 0
4 years ago
How does CSS differ from HTML?
Lana71 [14]
CSS - is responsible for the design or style of the website, including the layout, visual effects & background color

HTML - is used to create the actual content of the page such as written text
5 0
4 years ago
Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,0
atroni [7]

Answer:

Correct answer is letter D, $11,000 cost, five-year life and $1,000 salvage value

Explanation:

To compute depreciation expense of an asset using straight-line method of depreciation, the information we needed is 3,

1. cost of an asset

2. life of an asset (in year)

3. residual value (if available)

<em>* residual value of an asset is to be determined by the company, some asset don't have scrap value assigned.</em>

<em />

<em>FORMULA </em>

<em>The difference between the cost of an asset and the expected residual value over the number of years it is expected to be useful.</em>

<em>(cost of an asset - residual value ) / life of an asset</em>

6 0
4 years ago
Assume the following information:
omeli [17]

Answer:

Total product cost= $181,000

Explanation:

<u>The product cost is the sum of the direct material, direct labor, and manufacturing overhead:</u>

Direct materials $ 70,000

Direct labor $ 37,000

Variable manufacturing overhead $ 12,000

Fixed manufacturing overhead $ 25,000

Total manufacturing overhead $ 37,000

Total product cost= $181,000

7 0
3 years ago
Other questions:
  • What is the major difference in focus between a location decision in the service sector vs. The manufacturing​ sector?
    15·1 answer
  • A company has 10.1 million shares of common stock outstanding, 450,000 shares of 5 percent preferred stock outstanding, and 235,
    8·1 answer
  • Assume that a pet food manufacturer is considering adding two types of pet food to its existing product line. Research had deter
    9·1 answer
  • Kangaroo Autos is offering free credit on a new $10,000 car. You pay $1,000 down and then $300 a month for the next 30 months. T
    13·2 answers
  • Which of the following actions explains mass customization? Firms tailor their products and services to meet a customer's partic
    7·1 answer
  • 19. Marketing can be most seriously affected by which of the following?
    12·2 answers
  • David wants to open a new gymnasium with state-of-the-art equipment and qualified trainers. However, he can only afford either o
    6·1 answer
  • Alex
    9·1 answer
  • When offered paid medical insurance——-consider benefit?
    14·2 answers
  • The exchange gain or loss on repatriated funds from a foreign branch is calculated by multiplying the nominal amount of the fund
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!