Ask Experts Questions for FREE Help !
Ask
    bettyboop79's Avatar
    bettyboop79 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 22, 2010, 08:54 AM
    If the owner gives you $5,000 cash and a truck valued at $10,000, which accounts woul
    If the owner gives you $5,000 cash and a truck valued at $10,000, which accounts would they be applied to?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    May 23, 2010, 11:03 AM

    Debit Cash for the amount received
    Debit Vehicles (or appropriate account) for the amount
    Credit Owenrs' Equity or Captal for the total amount
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Reissued 700 treasury share for land valued at 30,000 [ 1 Answers ]

Reissued 700 shares for land valued at 30000

Assets 23,000, liability 11,000, retained earn-4,500, what is capital stock [ 6 Answers ]

In the expanded accounting equation, if assets aqre 23,000, liabailities 11,000, retained earnings are 4,500, how much is capital stock, and how do you compute the answer?

On July 1, 2010, Brower Industries Inc. Issued $32,000,000 of 10-year, 12% bonds at a [ 1 Answers ]

On July 1, 2010, Brower Industries Inc. Issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237, 139. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions: ...

The firm currently uses 50,000 workers to produce 200,000 units of output per day. Th [ 1 Answers ]

The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage (per worker) is $80, and the price of the firm’s output is $25. The cost of other variable inputs is $400,000 per day. Although you don’t know the firm’s fixed cost, you know that it is high enough...

View more questions Search