Question: Please show which ones are the correct answer, No need for an explanation, thanks Bank Loan Payable The company paid $2,000 Example on its bank
Please show which ones are the correct answer, No need for an explanation, thanks
Bank Loan Payable The company paid $2,000 Example on its bank loan, which included $150 of interest Interest Expense Cash 1 The company borrowed $250,000 from the bank. Cash Bank Loan Payable 2 The company purchased a building for a total of $150,000 by issuing common shares Cash Common Shares 3 The company paid $2,400 for a one-year insurance policy for the building Prepaid Insurance Cash 4 Purchased $200,000 inventory on account Inventory Accounts Payable 6 5 The cost of the inventory that was sold to customers was $142,000 Cost of Goods Sold Inventory 09 6 Customers paid $5,000 in advance for goods that will be delivered later. Cash Sales Revenue 7 Paid $75,000 on account due to suppliers [from #4). Accounts Payable Cash 8 The board of directors declared dividends of $2,000 in December, to be paid in January Dividends Declared Dividends Payable
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