On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited when this transaction recorded? A. Frank Blasi, Capital, and Frank Blasi, Drawing B. Mortgage Payable and Accounts Payable C. Land and Buildings D. Cash and Notes Payable Mark for review (Will be highlighted on the review page) << Previous Question Next Question >>>

On May 1, 20x1, the statement of financial position of Juan and Pablo appear below: Juan Pablo 44,708 1,135,780 520,204 Cash Accounts receivable 22,000 469,072 240,070 1,206,000 Inventories Land Building Furniture and fixtures 100,690 4,000 2,041,832 856,534 69,578 7,200 2,634,004 Other assets Total assets Accounts payable Notes payable Juan, Capital Pablo, Capital Total liabilities and equity 357,880 400,000 1,283,952 487,300 690,000 2,041,832 1,456,704 2,634,004 Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P40,000 in Juan's books and P70,000 in Pablo's books are uncollectible. b. Inventories of P11,000 and P13,400 are worthless in Juan's and Pablo's respective books. c. Other assets of P4,000 and P7,200 in Juan's and Pablo's respective books are to be written off. Required: 1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join…

Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53     C. $86,849.86 D. $87,949.86

Deadwood paid $265,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Re iournal entny table)