1. Purchased furniture $2,800 on credit. What is correct journal entry: Select one: a. debit Furniture; credit Account Payable b. debit Asset; credit Liability c. debit Account Payable; credit Furniture d. debit Furniture; credit Cash e. nothing to record 2. Paid secretary salary, $1,300. What is correct journal entry: Select one: a. debit Salary; credit Account Payable b. nothing to record c. debit Salary Expense; credit Cash d. debit Salary; credit Cash e. debit Salary Expense; credit Account Payable 3. Let assume ABC Company purchased January 1st a motor vehicle for $22,000 and estimated useful life of five years and a salvage value of $2,000 at the end of its useful life. ABC would debit Depreciation Expense $4,000 and credit Accumulated Depreciation $4,000 at the end of first year. Select one: True False 4. Which of the following statements is correct? Select one: a. The left side of a T-account is the credit side. b. Entries that decrease asset and expense accounts, or increase liability, equity, and revenue accounts are posted as debits. c. The left side of a T-account is the debit side. d. Entries that increase asset, expense, and revenue accounts are posted as debits. e. The right side of a T-account is the debit side.
1. Purchased furniture $2,800 on credit. What is correct journal entry: Select one: a. debit Furniture; credit Account Payable b. debit Asset; credit Liability c. debit Account Payable; credit Furniture d. debit Furniture; credit Cash e. nothing to record 2. Paid secretary salary, $1,300. What is correct journal entry: Select one: a. debit Salary; credit Account Payable b. nothing to record c. debit Salary Expense; credit Cash d. debit Salary; credit Cash e. debit Salary Expense; credit Account Payable 3. Let assume ABC Company purchased January 1st a motor vehicle for $22,000 and estimated useful life of five years and a salvage value of $2,000 at the end of its useful life. ABC would debit Depreciation Expense $4,000 and credit Accumulated Depreciation $4,000 at the end of first year. Select one: True False 4. Which of the following statements is correct? Select one: a. The left side of a T-account is the credit side. b. Entries that decrease asset and expense accounts, or increase liability, equity, and revenue accounts are posted as debits. c. The left side of a T-account is the debit side. d. Entries that increase asset, expense, and revenue accounts are posted as debits. e. The right side of a T-account is the debit side.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
1.
Purchased furniture $2,800 on credit. What is correct
Select one:
a. debit Furniture; credit Account Payable
b. debit Asset; credit Liability
c. debit Account Payable; credit Furniture
d. debit Furniture; credit Cash
e. nothing to record
2.
Paid secretary salary, $1,300. What is correct journal entry:
Select one:
a. debit Salary; credit Account Payable
b. nothing to record
c. debit Salary Expense; credit Cash
d. debit Salary; credit Cash
e. debit Salary Expense; credit Account Payable
3.
Let assume ABC Company purchased January 1st a motor vehicle for $22,000 and estimated useful life of five years and a salvage value of $2,000 at the end of its useful life. ABC would debit
Select one:
True
False
4.
Which of the following statements is correct?
Select one:
a. The left side of a T-account is the credit side.
b. Entries that decrease asset and expense accounts, or increase liability, equity, and revenue accounts are posted as debits.
c. The left side of a T-account is the debit side.
d. Entries that increase asset, expense, and revenue accounts are posted as debits.
e. The right side of a T-account is the debit side.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education