A business purchases equipment by paying $8,657 in cash
Homework Answers
The given transaction's affect will include:
#1: a New equipment being acquired. The business will gain one new equipment. This equipment will be considered as a Fixed Asset for the business. Its cost will be capitalized as its a capital expenditure.
#2 Cash will be paid out. This would mean a decrease in the Cash balance.
Both Equipment and Cash are 'Asset' nature account, and they increase when 'debited' and decrease when 'credited.
Apparently, Equipment has to be increased, and Cash has to be decreased.
Hence, the journal entry would be:
| Accounts title | Debit | Credit |
| Equipment | $ 8,657 | |
| Cash | $ 8,657 | |
| (Equipment purchased) |
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On March 1, Wright Company purchased new equipment for $50,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $4,000; and installation cost, $2,500. At what amount will the equipment be recorded on a balance sheet? O $51,000 O $53,500. O $54,000 $57,500.
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21. A company purchases a $300,000 building, paying $200,000 in cash and signing a $100,000 promissory note. What will be reported on the statement of cash flows as a result of this transaction? A) A $300,000 cash outflow for investing activities. B) A $200,000 cash outflow for investing activities and a $100,000 cash inflow is recorded for financing activities. C) A $200,000 cash outflow for investing activities. D) A $300,000 cash outflow for investing activities and a $100,000 cash inflow...
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A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would: Multiple Choice Debit Equipment $4,000; Credit Accounts Payable $4,000 Debit Equipment $1,500: Credit Cash $1,500 Debit Equipment $5,500; Credit Cash $1.500 and Credit Accounts Payable $4.000 Debit Equipment $5,500; Credit Accounts Payable $5,500 The total of the figures on the left side of a Cash T account is $27,800. The total of the figures on the right...
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