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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18. A transaction is said to be recordable and accountable when A. It affects the entity's assets only. B. It affects the entity's liabilities only. C. It affects the entity's equities only. D. It affects the entity's assets or liabilities or equities. 19. The following journal entry was made by an Entity's accounting record: * Cash in Bank P250,000 Notes Receivable 50,000 Equipment P300,000 A. Cash received from sale of equipment, P300,000 B. Cash paid for the purchased of equipment, P250,000 C. Purchase of equipment, P300,000 D. Sale of equipment, P300,000
Transcribed Image Text:18. A transaction is said to be recordable and accountable when A. It affects the entity's assets only. B. It affects the entity's liabilities only. C. It affects the entity's equities only. D. It affects the entity's assets or liabilities or equities. 19. The following journal entry was made by an Entity's accounting record: * Cash in Bank P250,000 Notes Receivable 50,000 Equipment P300,000 A. Cash received from sale of equipment, P300,000 B. Cash paid for the purchased of equipment, P250,000 C. Purchase of equipment, P300,000 D. Sale of equipment, P300,000
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