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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

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

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

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

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

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions