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  3. if a company borrows to purchase a building: a.

If a company borrows to purchase a building: a. No economic event has...

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Accounting

If a company borrows to purchase a building:

a. No economic event has occurred so no further action is required.

b. Assets and liabilities are effected.

c. Only assets are effected.

d. Only liabilities are effect.
Which of the following is NOT true regarding journalizing transactions:

a.Transactions are recorded in chronological order.

b.Credit entries are always indented.

c.There can be many different accounts effected.

d.The credit entry is always recorded first.

When posting from the general journal to an individual account:

a.Debit entries should be debited to the individual account.

b.Debit entries should be credited to the individual account.

c.Debit entries can be debited or credited to the account, as long as the amount is correctly transferred.

d.Only accounts with a normal debit balance should be debited.

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