Richards Corporation paid 3000 toward an outstanding account payable that was

Richards corporation paid 3000 toward an outstanding

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56. Richards Corporation paid 3,000 toward an outstanding account payable that was previously established when supplies were purchased, The appropriate journal entry to record this transaction to record this transaction is. 57. The transactions in the journal and the accounts in the ledger are linked together by a transfer process called journalizing. 58. If the credit to record the payment of an account payable is not posted -cash will be 59. The journal entry to record the purchase of supplies on account – debit supplies and credit account payable60. Assets are usually reported at their – historical cost 61. How do you find the book value of something – depreciation =book value 62. A doctor purchases medical supplies of 640 and pays 290 cash with the remainder on account. The journal entry for this transaction would be which of the following? – 63. an adjusted entry that debits an expense and credits a liability is which type? -accrued 64. Jordan erroneously credited a liability account rather than a revenue account. ThereforeTotal assets are not affected
65. Van company failed to record the purchase of supplies on account. Van will likely discover their error when it : - {{wrong answers- prepare a trial balance, double checks 66. Richards Hospital was incorporated on August 1. The initial capital was raised by issuing 2,000,000 on stock. The appropriate journal entry for this transaction is 67. The balance sheet of Strauss Corporation contains the following list of assets; Cash 8,500,000, land 4,700,000, buildings 1,300,000 and other assets 200,000. Strauss only debt is 2,070,000 owed to a bank. how much will stockholders equity change when strauss buys equipment for 2,800,000 cash? -wont change 68. Logan Company purchased goods on account for 4,500 paid 2,300 of accounts payable and had an ending accounts payable balance of 16,890. How much was beginning accounts payable?14690 69.The depreciation process is an example of recognizing the expenses of a business within the same period as the revenues they helped to produced. 70.The reversing process is generally applied to those adjusting items that involve future cash flows. -true

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