A company has posted the following transaction: Debit Equipment 7000; Credit Accounts Payable 2000; Credit Cash 4000; and Credit Bank 1000. Which of the following best describes the actual transaction? Select one: a. The company purchased equipment for 7000, paying 4000 in cash, 1000 in cheque, and the remaining on credit. b. The company sold equipment worth 7000, receiving 4000 in cash and 2000 still owed. c. The company purchased equipment for 7000, paying 4000 in cash and the remaining 2000 is to be paid later. d. The company purchased equipment for 7000 entirely on credit.

a CFE was hired by B Industrial to investigate suspected fraud. the CFE started analyzing the financial statements in CY2021. Cash $20,000 Accounts payable $11,000 Accounts receivable $15,000 Wages payable $5,000 Capital Stock $5,000 Retained earnings $20,000 Inventory $6,000 Notes payable (3-year term) $8,000 Property, plant equipment, net $8,000 Required: Calculate the quick ratio and current ratio.

The bookkeeper for Wood Manufacturing Company made the following journal entry Land Buildings Cash Notes Payable This transaction involves: Mutiple Choice Debit 201,500 84,500 The sale of land and building for $286,000 Payment of $221000 on a note payable. An increase in liabilities of $221,000 The receipt of $65,000 cash. Credit 65,000 221,000

Please do not give solution in image format ?

[The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,820 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $450 of supplies on credit. 20 The company paid $2,820 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is…

10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid $5000 with check #105 and put the rest on account. (Hint: more than 2 accounts will be affected). Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?

Prepare a balance sheet with the information below Debit Credit $ $ Sales 1,000,000 Sales returns 10,000 Selling expenses 150,000 Administration expenses 205,000 Financial expenses 50,000 Purchases 320,000 Cash at bank 77,000 Accounts receivable 22,000 Provision for Doubtful Debts 2,500 Inventories 42,000 Motor Vehicles 80,000 Furniture 42,000 Plant and Equipment 276,500 Accumulated Depreciation Plant 1,500 Accounts payable 56,000 Bank Loan 12,000 Capital - Bennett 75,000 Capital - Barney 112,500 Current - Bennett 25,000 Current - Barney 35,000 Drawings - Bennett 20,000 Drawings - Barney 25,000

Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?

My question is how to solve this problem, and why don't you include the proceeds from the sale of equipment in the calculation?

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