Purchasing equipment for $10,000 cash is recorded as:
A. Debit Notes Payable $10,000, credit Equipment $10,000.
B. Debit Cash $10,000, credit Equipment $10,000.
C. Debit Equipment $10,000, credit Notes Payable $10,000.
D. Debit Equipment $10,000, credit Cash $10,000.
Answer: D
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According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security taxand $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000 . Also, $15,000 wassubject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries wouldinclude a
a. debit to Salary Payable of $450,000 b. credit to Salary Payable of $500,000 c. debit to Salary Expense of $500,000 d. credit to Salary Expense of $450,000
Cash flows from purchases of merchandise are classified as investing activities
a. True b. False Indicate whether the statement is true or false
One must focus on the customer need for a product rather than the physical format of the
product while defining a market. Indicate whether the statement is true or false
The Occupy Wall Street movement consists of activities who are protesting against social and economic inequality.
People in the movement are concerned that the current laws and financial systems disproportionately favor corporations and the rich and exclude others from sharing in the economic wealth of the nation. They fear that such inequities will eventually undermine democracy and destabilize the country. The Occupy movement is most consistent with which school of thought? Explain your answer.