Based on the purchase details by the company, the correct journal entry to record the purchase on July 5 is c) Debit Merchandise Inventory $1,800; credit Accounts Payable $1,800.
<h3>Why is this the correct journal entry?</h3>
On July 5, the amount that was purchased was still $1,800. Nothing had been returned yet. The amount that will be debited to Merchandising as an asset will therefore be $1,800.
The Accounts Payable account will be credited the same amount to reflect that the company owes money for the purchase.
In conclusion, option C is correct.
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Explanation:
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Dina was swimming for 37 minutes
Answer:
a.
Assets : Increases (Cash) $15,000
Liabilities : No Effect
Equity : Increases (Common Stock) $15,000
b.
Assets : Decrease (Cash) $500, Increase (Supplies) $500
Liabilities : No Effect
Equity : No Effect
c.
Assets : Increases (Equipment) $10,000
Liabilities : Increases (Note Payable) $15,000
Equity : No Effect
d.
Assets : Increases (Supplies) $15,000
Liabilities : Increases (Accounts Payable) $15,000
Equity : No Effect
e.
Assets : Increases (Land) $9,000, Decrease (Cash) $9,000
Liabilities : No Effect
Equity : No Effect
Explanation:
The Accounting Equation is : Assets = Equity + Liabilities
So first determine the accounts affected in each transaction and determine their category in the elements of Accounting Equation.
Finally indicate if the category is increasing or decreasing.
Answer and Explanation:
The Journal entry is shown below:-
Carter's Capital Dr $600,000
To Able's Capital $450,000 (3 ÷ 4 × $600,000)
To Baker's Capital $150,000
(Being Carter’s withdrawal from the partnership is recorded)
For recording this we debited the carter capital as it shows the withdrawn amount and credited the able capital and baker capital so that the total withdrawn collected from these partners could come