The bookkeeper for Wellbilt Mfg. made the following journal entry on January 30, 2018: Dr Cr Land....................................................
Question:
The bookkeeper for Wellbilt Mfg. made the following journal entry on January 30, 2018:
Dr Cr
Land.................................................... 125,000
Building................................................ 55,000
Cash............................................. 40,000
Notes Payable................................ 140,000
5. Refer to the above data. This transaction involves:
a The sale of land and building for $180,000
b Payment of $40,000 on a note payable
c An increase in liabilities of $140,000
d The receipt of $40,000 cash
6. Refer to the above data. Before the journal entry above, Wellbilt had assets, liabilities, and owner’s equity of $460,000, $110,000, and $350,000, respectively.
- What are total assets immediately after the above transaction occurs?
a $490,000
b $640,000
c $600,000
d $630,000
- What are total liabilities immediately after the above transaction occurs?
a $180,000
b $150,000
c $250,000
d $450,000
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,