Question

Please point out all the correct answers with similar style. 2cWhat measurement principle are you applying? 3aWhat reasoning did you apply in (c)? 3-b For (f), what accounting concept did you apply?

Tha folkowing are independent situntions. .A company orders and receives 10 personal aamputers for affice use for which it signis a note promising to pay $20,400 within threa months. b. A company purchases for $38,000 cash a new delvery truck that has a list (sticker) price of $42,000. c. A women's clothing retaler orders 30 new displey stands for 5480 each for future delivery. d. A new company is forrned and issues 100 shares of stock for $13 per share lo inveslors. e. A company purchases a piece of land for $47,000 csh An appraiser for the buyer valuad the land at f. The owner of a local company uses a personal check to buy a S19,000 car for parsonal use. Answer from the company's point of view. g. A company borrows 511,000 frorm a local bank and signs a six- nte for the h. A ompany pays $3,300 owod on its ien year nato payabla (ignora irberast) Required: . Indicana bes ofthe appropriate accous, if any, affiechad in cach of the precedingevants. Cansider what the company gives and recalves Given 2-8. At what amount would you record the delivery truck in (b)? 2-b. Al what amaunt would you recard the piece of land in (e)?

Answer 1

S.N.	Titles of Accounts	Given by the company	Received by the company
a)	Fixed Asset – Computer A/C	Promissory Note Payable (+L)	Computers or Computer equipment (+A)
(b)	Fixed Asset – Truck Vehicles A/C	Cash (-A)	Truck Vehicles (+A)
c)	No exchange transaction	-	-
d)	Share Capital A/C	Share capital (Shares) (+SE)	Cash (+A)
e)	Fixed Asset – Land A/c	Cash (-A)	Land (+A)
f)	No exchange transaction	-	-
g)	Loan A/c	Promissory Note Payable (+L)	Cash (+A)
h)	Loan A/c	Cash (-A)	Promissory Note Payable (-L)

2.POINT NO 2.

The truck amount $ 39,000 will be recorded in the account.

3.POINT NO 3.

The Land will be initially recorded at $ 47,000 in the account. Also it can be recorded at appraiser value at the time of Revaluation.