ABC Company bought some land for $20,000 cash. The journal entry for this transaction would include a: Group of answer choices Debit to cash Credit to Land Debit to Land Credit to accounts payable
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- Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.Do not copy from bartleby Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000.Riverwood paid $380,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Data table Lot Lot 1 Lot 2 Lot 3 Print Appraised Value 70,500 141,000 258,500 $ Done Debit Credit X
- Do not copy Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000.Assume a company pays delinquent property taxes totaling $3,000 as part of a new land purchase. The journal entry to record this payment should include a credit to “Cash” and a debit to: Land Property Taxes Payable Property Tax Expense Accumulated Depreciation Loss on Purchase of PropertyNoTEe: These are MCQS MCQS 1Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000. MCQS 2The accounting principle that assumes that a company will operate in the foreseeable future is:a)Going concern.b)Objectivity.c)Liquidity.d)Disclosure. MCQS 3Total assets must always equal total liabilities plus total owners' equity.a)True b)False MCQS 4In which of the following situations would the largest amount be recorded as an expense of the current year? (Assume accrual basis accounting.)a)$4,000 is paid in January for equipment with a useful life of four years.b)$1,800 is paid in January for a two-year fire insurance policy.c)$1,200 cash dividends are declared and paid.d)$900 is paid to an attorney for legal…
- MCQS 1Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000. MCQS 2The accounting principle that assumes that a company will operate in the foreseeable future is:a)Going concern.b)Objectivity.c)Liquidity.d)Disclosure. MCQS 3Total assets must always equal total liabilities plus total owners' equity.a)True b)False MCQS 4In which of the following situations would the largest amount be recorded as an expense of the current year? (Assume accrual basis accounting.)a)$4,000 is paid in January for equipment with a useful life of four years.b)$1,800 is paid in January for a two-year fire insurance policy.c)$1,200 cash dividends are declared and paid.d)$900 is paid to an attorney for legal services rendered…Which of the following journal entries is correct when a business entity purchases land costing $45,000 by signing a one-year note payable? Multiple Choice Land 45,000 Accounts payable 45,000 Land 45,000 Notes payable 45,000 Cash 45,000 Notes payable 45,000 Notes payable 45,000 Land 45,000Deadwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Re iournal entny table)
- ABC Company bought some land with a price of $50,000 by making a $10,000 down payment and owing the rest. The journal entry would include: Group of answer choices $40,000 debit to land $50,000 debit to land $50,000 credit to land $10,000 debit to landpoin(s) possible Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ... Date Accounts and Explanation Debit Credit Land-Lot 1 Land-Lot 2 Land-Lot 3 Data table Cash To record sale of lots. Lot Appraised Value Lot 1 2$ 202,500 Lot 2 225,000 Lot 3 22,500 Print Donehow can i made this entry in QB? Add the purchase of land and a warehouse building form Prime Properties, check: 1014, amount $2,000, as a down payment on land $5,000 and building $15,000. The balance waspaid by signing on a long-term not for $18,00.
