Assuming the entity invested 500,000 to the business the effect of this transaction would have an increase in asset by debiting Cash worth 500,000 and crediting what account? a. Owner’s Drawing b. Owner’s Equity c. Owner’s Additional Investment d. Accounts Payable
Assuming the entity invested 500,000 to the business the effect of this transaction would have an increase in asset by debiting Cash worth 500,000 and crediting what account? a. Owner’s Drawing b. Owner’s Equity c. Owner’s Additional Investment d. Accounts Payable
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 20MCQ
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Assuming the entity invested 500,000 to the business the effect of this transaction would have an increase in asset by debiting Cash worth 500,000 and crediting what account?
a. Owner’s Drawing
b. Owner’s Equity
c. Owner’s Additional Investment
d. Accounts Payable
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