The following are the business transactions for a company: 1. Deposited $100,000 cash in a bank...

  

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The following are the business transactions for a company: 1. Deposited $100,000 cash in a bank account. 2. Paid $24,000 cash in rent 3. Purchased furniture for $5,000 paying 10% down with cash and remaining on account. 4. Obtained a loan $50,000 5. Purchased a machine for $10,000 on account 6. Paid cash to settle the remainder of the furniture 7. Bought supplies for the machine worth $5000 with cash 8. Paid 5% interest on the $50,000 loan 9. Repaid $10,000 of the $50,000 loan 10. Paid salaries of $18,000 11. Provided services worth $12,000 receiving $1200 in cash and remaining on account. 12. Ended with no supply balance 6 7 8 1 point How does one record the 8th transaction? Decrease from cash, decrease from notes payable Decrease from cash, decrease from accounts payable Decrease from cash, decrease from equity Decrease from cash, decrease from accounts receivable 1 point What's the balance after Step 8? Equipment has 15000 Supplies has 5000 Equity has 73500 Accounts payable has 20000 Notes payable has 50000 1 point How's the 9th transaction recorded? Decrease cash, decrease notes payable Decrease cash, decrease accounts eivable Decrease cash, increase equipment Decrease cash, decrease equity The following are the business transactions for a company: 1. Deposited $100,000 cash in a bank account. 2. Paid $24,000 cash in rent 3. Purchased furniture for $5,000 paying 10% down with cash and remaining on account. 4. Obtained a loan $50,000 5. Purchased a machine for $10,000 on account 6. Paid cash to settle the remainder of the furniture 7. Bought supplies for the machine worth $5000 with cash 8. Paid 5% interest on the $50,000 loan 9. Repaid $10,000 of the $50,000 loan 10. Paid salaries of $18,000 11. Provided services worth $12,000 receiving $1200 in cash and remaining on account. 12. Ended with no supply balance 6 7 8 1 point How does one record the 8th transaction? Decrease from cash, decrease from notes payable Decrease from cash, decrease from accounts payable Decrease from cash, decrease from equity Decrease from cash, decrease from accounts receivable 1 point What's the balance after Step 8? Equipment has 15000 Supplies has 5000 Equity has 73500 Accounts payable has 20000 Notes payable has 50000 1 point How's the 9th transaction recorded? Decrease cash, decrease notes payable Decrease cash, decrease accounts eivable Decrease cash, increase equipment Decrease cash, decrease equity

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6 Option C is the correct answer Interest is an expense that will decrea... View the full answer