The proper journal entry to purchase a computer on account to be utilized within the business would be:
A) Jan 2 Office Supplies 1,350Accounts Payable 1,350
B) Jan 2 Office Equipment 1,350Accounts Payable 1,350
C) Jan 2 Office Supplies 1,350Accounts Receivable 1,350
D) Jan 2 Office Equipment 1,350Accounts Receivable 1,350
B
You might also like to view...
What are the two forms of preventive damage control measures?
What will be an ideal response?
Independent projects are those whose cash flows compete with one another and therefore more than one project needs to be accepted in order to implement the capital budgeting decision
Indicate whether the statement is true or false
Which of the following practices will lead to effective recognition and rewarding of employees?
a. Tying rewards to immeasurable performance so that employees provide more attention to quality rather than quantity b. Giving individual rewards rather than team rewards because team rewards can ignore the contributions of individual employees to the team c. Rewarding behavior, not just results d. Rewarding employees only through cash rewards as money is the most important and effective motivating factor for most employees
The accounting issue(s) in the Crazy Eddie case were:
A. Accelerating revenues into earlier periods B. Inflating inventory and net income C. Capitalizing costs that should have been expensed D. Off-balance sheet entities