fill out the chart correctly a. A company orders and recelves 10...

50.1K

Verified Solution

Question

Accounting

fill out the chart correctly image
a. A company orders and recelves 10 personal computers for offictuse for which is signs a note promising to pay $20,000 within three months b. A company purchases for $41,000 cash a new delivery truck that has a list ("sticker") price of $44,000. c. A women's clothing retailer orders 30 new display stands for $500 each for future dellvery. d. A new company is formed and issues 100 shares of stock for $10 per share to investors. e. A company purchases a piece of land for $49.000cash. An appraiser for the buyer valued the land at $56,300. f The owner of a local company uses a personal check to buy a $20,000 car for personal use. Answer from the company's point of view. g. A company borrows $12,000 from a local bank and signs a six-month note for the Ioan. h. A company pays $3,500 owed on its 10 -year notes payable (ignore interest) Required: 1. Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. 2-a. At what amount would you record the delivery truck in (b) ? 2-b. At what amount would you record the piece of land in (e)? 2-c. What measurement principle are you applying? 3-a. What reasoning did you apply in (c)? 3-b. For (f), what accounting concept did you apply? Complete this question by entering your answers in the tabs below. Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. transaction/event select "No transaction" in the first account field.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students