On April 1, 2017, Nurix Manufacturers purchases equipment for $100,000, paying $30,000 in cash and signing a 10-year mortgage for $70,000 at 8% annual interest. Prepare the journal entry to record the acquisition of the equipment
What will be an ideal response
Equipment 100,000
Mortgage Payable 70,000
Cash 30,000
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Which one of the following statements is true?
a. External events (transactions) involve interactions between an entity and a party outside the entity. b. Every event or transaction which affects an entity is identified from a source document. c. All economic events can be reliably measured. d. The movement of raw material into production is an external event.
Which of the following is considered a service?
A. Managing a team B. Cutting hair C. Selling groceries D. All of these
The three manufacturing cost elements are direct materials, direct labor, and overhead
Indicate whether the statement is true or false
Jacob, an employee at Optimania Inc, is in charge of designing the presentation visuals for an upcoming formal presentation. Which of the following formatting guidelines should he follow to make the presentation effective?
A) ?He should use at least four colors on a slide. B) ?He should use warm colors or brighter shades of cool colors. C) ?He should use delicate, decorative, or condensed fonts. D) ?He should use capital letters sparingly.