31) A $5,000 account payable is paid by the business. How is the accounting equation affected?

A. Assests increased $5,000; owners equity decreases $5,000
B. Assests increased $5,000: liabilities increased $5,000
C. Assests decreased $5,000: owners equity increases $5,000
D. Assests decreased $5,000: liabilities decrease $5,000

You need to think about the question. What happens when an accounts payable is paid by the business. What are your journal entries?

Debit Accounts Payable
Credit Cash

Now you need to know whether the accounts affect assets, liabilities, and owners equity and how it is affected.

For your information Cash is an asset and Accounts Payable is a liability

Now with your possible answers, which one does the journal entry fall into.

Purchased a mine in 2013 for 3,400,000. Itswas estimated mine contained 200,000 tons of ore and the mine would be worthless after all of the ore was extracted. Ectracted 25,000 tons of ore in 2013 and 30,000 tons of ore in 2014?

What is the depletion expense for 2014?

A. 425,000
B. 340,000
C. 680,000
D. 510,000

Zane purchased a machine for 40,000. The company expects to use the machine a total of 24,000 hrs over the next 6 years. Estimated sales price of machine at end of 6 yrs is 4,000. Company used machine 8,000 hrs in 2013 and 12,000 in 2014?

What is depreciation exp for 2013 if company uses straight-line depreciation?

A. 6,000
B. 13,333
C. 6,667
D. 12,000

Allowance for uncollectible accounts currently has a credit balance of $200. Management estimates that 2.5% of net credit sales will be uncollectible.. Net credit sales are $115,000. What will the balance of the Allowance for uncollectible accounts reported on the balance sheet?

A. 2,675
B. 2,875
C. 3,275
D. 3,075

30. A company that uses the perpetual inventory method inventory of 1,000 on acct wit
H terms 2/10, n/30. Which of the following entries would be made to record the payment if its made 20 days later?

A. $20 debit to inventory, a $1,000 debit to accts pay and a $1,020 credit cash
B. $980 debit to accts pay, a $20 debit to inventory an a $1,000 credit cash
C. $1,000 debit to accts payable and a $1,000 credit to cash
D. $1,000 debit to accts payable, $20 credit to inventory and a $980 credit to cash

31. A $5,000 accts payable is paid by the business . How is the accting equation affected?

A. Assets increase $5,000; owners equity decreases $5,000
B. Assests increase $5,000; liabilities increase $5,000
C. Assests decrease $5,000: owners equity increases $5,000
D. Assests decrease $5,000: liabilities decreases $5,000