User Account

All Pages

How would the event be recorded

Assignment Help Financial Accounting
Reference no: EM132671833

Problem 1: Toy Company bought a new motor vehicle worth $50,000. They paid $15,000 down and took out a loan from TD Bank for the balance. How would the event be recorded?

Option 1: None of the others alternatives are correct

Option 2: Dr. Capital assets (truck) $50,000, Cr Cash $5,000, Cr. Bank loan $45,000

Option 3: Dr. Bank loan $35,000, Dr. Capital assets (truck) $50,000 Cr. Cash $15,000 Cr. Bank Loans Payable $70,000

Option 4: Dr. Capital assets (truck) $35,000, Cr. Cash $15,000, Cr. Bank loan $35,000

Option 5: Dr. Cash $15,000, Dr. Bank loan $35,000, Cr. Capital asset (truck) $50,000

Reference no: EM132671833

Questions Cloud

Which whether debit and credits would most likely be part of : If a company inadvertently (mistakenly) makes the same depreciation entry twice in a period then? Which debits and credits would most likely be part of
What amount of loss should Crane recognize : Crane amortizes discounts and premiums using the straight-line method. What amount of loss should Crane recognize on the redemption of these bonds
Establish compliance in small health care clinic : Describe how to establish compliance in a small health care clinic.
Assignment on survey research : Evaluate some of the primary considerations, specifically related to counselling contexts, you might need to take into account in creating an effective survey
How would the event be recorded : Toy Company bought a new motor vehicle worth $50,000. They paid $15,000 down and took out a loan from TD Bank for the balance. How would the event be recorded?
Clustering problem : Imagine a Clustering problem where the educational researchers would like to find clusters of students (group of students) who have similar correlation patterns
What are piaget stages of cognitive development : What are Piaget's Stages of Cognitive Development? Why are they important to the field of education? Full explanation please
Beneficial in implementing best decisions in organization : Discuss and identify leader traits and attributes that are most beneficial in implementing the best decisions in an organization.
How should the cost of the improvements be accounted for : Production capacity by 30 per cent and extended the machine's useful life by 5 years. How should the cost of the improvements be accounted for?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd