6. Choose the correct journal entry for the following transaction: January 22, purchased, an asset, merchandise inventory

Fantastic news! We've Found the answer you've been seeking!

Question:

6. Choose the correct journal entry for the following transaction: January 22, purchased, an asset, merchandise inventory on account for $2,800. (1 point) A. Jan. 22 Merchandise Inventory 2,800 Accounts Payable 2,800 B. Jan. 22 Accounts Payable 2,800 Merchandise Inventory 2,800

Posted Date: May 18, 2024 09:13 PM

See More Questions

What is performance measurement?
The hydrocarbon feed to a distillation column is a bubblepoint liquid at 300 psia with the mole fraction composition, C 2 = 0.08, C 3 = 0.15, nC 4 = 0.20, nC 5 = 0.27, nC 6 = 0.20, and nC 7 = 0.10....
Good Corporation acquired 80 percent of the outstanding stock of Morning, Inc., on January 1, 2008, for $$1,400,000$ in cash, debt, and stock. One of Mornings buildings, with a 10-year remaining...
Define a business transaction in the broad sense and give examples of the two different kinds of transactions.
At December 31, 2014, the trial balance of Sloane Company contained the following amounts before adjustment. Instructions (a) Prepare the adjusting entry at December 31, 2014, to record bad debt...
Page 1 8 of 1 9 Question 1 8 ( 1 point ) Listen Which of the following accounts would be included in the calculation of the acid - test ratio? Accounts Receivable Prepaid Expense Inventory A ) yes...
Adjustments to Net Income-Indirect Method Omni Corporation's accumulated depreciation-equipment account increased by $4,800, while $3,100 of patent amortization was recognized between balance sheet...
Mendez Inc. experienced the following accounting events during its 2011 accounting period. 1. Paid cash to settle an account payable. 2. Collected a cash advance for services that will be provided...
Prepare a statement of financial position, statement of comprehensive income and statement of changes in equity in accordance with International Financial Reporting Standards.
When one thinks about the spirit of Britain, especially London, Links of London is hoping that their charm, elegance, and world-renowned reputation make them the firm that immediately comes to the...
Explain, using an appropriate diagram, how a deflationary gap can occur and how this gap can be eliminated.
1. E-Z Open Manufacturing Company is a leading maker of manual can openers. In the year just closed, E-Z Open controlled 17.2% of the manual can opener market in North America. That placed the...
Jane is employed by a large corporation which provides its employees with a no-cost gym membership to the local YMCA. The membership is $60 per month, how much of this benefit is taxable per year? $0...
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
Which biases may have entered into the boards decision making? Pat and Chris were hired by Central O. District Hospital (CODH) as part of a three-year management contract with HCA Management Company....
How can healthcare decisions be improved?
How is Grahams situation a possible example of confirmingevidence bias? Graham ruled with an iron will. He felt that the only way to motivate his employees was by giving them clear direction and...

6. Choose the correct journal entry for the following transaction: January 22, purchased, an asset, merchandise inventory

Question:

Expert Answer:

Students also viewed these accounting questions