1: True
2:True
3:False
4:True
5:True
Answer:
Debit Petty cash $200 and credit cash $200
Explanation:
Accountants evaluate business activities and put them in record using journal entries such as debit-credit rules as a guide. Normally, an accountant will use specific journals for numerous journal entries of the same type – like sales journals, cash journals and purchases journals. Businesses which are large usually use specialized journals, while businesses which are smaller tend to only use a general journal that has all transactions. Recording journal entries is only the first step in the accounting.
The answer would be TRUE because that is the definition, meaning, and purpose of the whole allowance method process since it goes to uncollectible accounts as a process.
Answer: $134,000
Explanation:
The value that the land should be recorded in Easy Repair Service records will be $134,000 because it was the counter offer and the price paid by Easy Repair in the acquisition of the land, therefore this should be the value of the land.
The value for the acquisition of land include all expenses that were also involved when buying the land like the legal fees on the land etc but in this scenario, only the $134,000 was provided, hence, that's the answer.
