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Introduction to Financial Statements. Currently got a free account? Sign in right right here

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    • 1 . Question

    1. Your business purchases a brand new forklift for $500 cash. The entry with this deal should always be:

  • A debit of $500 to cash and a credit of $500 to product product sales
  • A debit of $500 to cash and a $500 credit to gear
  • A credit of $500 to cash and a debit of $500 to gear
  • None of this above

    • 2 . Concern

    2. You borrow $750,000 for a note that is 90-day. The cash is deposited into checking. The entry with this deal should really be:

  • A debit of $750,000 to money and a credit of $750,000 to records payable
  • A credit of $750,000 to money and a debit of $750,000 to records payable
  • A debit of $750,000 to money and a debit of $750,000 to interest cost
  • None associated with the above

    • 3 . Concern

    3. A person purchases an item in 30 days from you for $350 and promises to pay you. Continue reading “Introduction to Financial Statements. Currently got a free account? Sign in right right here”