Dawson's Delivery Service purchasedfor $2.500. Dawson paid s500 inequipmenteash and signed a note for the balance.Dawson debited the Equipment account,credited Cash andnothing further must be done.debited the Dawson, Capital account for$2,000.credited another asset account for $500.credited a liability account for $2,000.

There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Answered: Dawson's Delivery Service purchased…

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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Similar questions

D1. Account
38
A company has posted the following transaction: Debit Equipment 7000; Credit Accounts Payable 2000; Credit Cash 4000; and Credit Bank 1000. Which of the following best describes the actual transaction? Select one: a. The company purchased equipment for 7000, paying 4000 in cash, 1000 in cheque, and the remaining on credit. b. The company sold equipment worth 7000, receiving 4000 in cash and 2000 still owed. c. The company purchased equipment for 7000, paying 4000 in cash and the remaining 2000 is to be paid later. ↓ d. The company purchased equipment for 7000 entirely on credit.
Make Ledger of the following transactions. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payable. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.
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Sydney Ltd repaired a customers' washing machine and charged the customer $500 which the customer paid immediately. The general journal entry to record the transaction is: a.Debit Cash at bank $500; Credit Income from repairs $500 b.Debit Accounts receivables $500; Credit Income from repairs $500 c.Debit Income from repairs $500; Credit Accounts receivables $500 d.None of the above
46. Jill's credit card was stolen. The thief charged a $500 kayak before shereported it stolen. How much of the thief's purchase is Jill responsible for?A. $0B. $100C. $500D. $50
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