User Account

All Pages

Determine which account should be credited

Assignment Help Accounting Basics
Reference no: EM132477283

Question 1: Truck is being invested in the business. The Truck will be recorded at the Fair Market Value on the date of investment. Since the Truck is being invested in the business, Truck is coming in as an asset, so it will be debited.But, which account should be credited?

Required Journal entry will be:

Debit: Truck $18,200

Credit: ???

Reference no: EM132477283

Questions Cloud

Production of an appropriate query sheet : Dimension paper in accordance with NRM2 for the internal finishes/decoration (floor, wall, ceiling and skirting) and masonry
Calculate the companys breakeven point in sales dollars : Assuming the existing sales mix, calculate the sales revenue required to earn net income of $1,125,000 assuming a 25% income tax rate.
Compute the january balance for crane accounts : Compute the January 31 balance for Crane accounts. Crane's sales journal for January shows a total of $112,000 in the selling-price column
What do you think is going wrong in each case : In the following scenarios, try to imagine the brain of a person with the described head injury. What do you think is going wrong in each case?
Determine which account should be credited : Truck is being invested in the business, Truck is coming in as an asset, so it will be debited.But, Determine which account should be credited?
Explain how external factors affect organisations : Evaluates the impact of a named organisations vision and mission on its strategy and analyses how external influences affect organisational strategy
Explain what are prepayments and give an example : Explain what are accruals and give an example.Explain what are prepayments and give an example. Prepare the below accounts (taking also into account the notes)
Describe and discuss a need for an after school program : Describe and discuss a need for an after school program. Describe the purpose of conducting a needs assessment for your selected.
Compute the companys depreciation charge for the year : Compute the company's depreciation charge for the year to 31 July 20X7 using The straight line method, The reducing balance method,

Reviews

Write a Review

Accounting Basics Questions & Answers

  The actual price per pound of direct materials purchased

Morro Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials, at the budgeted price of $3 per pound, and 9 hours of dir..

  Debit balances and credit balances

Teresa Alvarez, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Teresa correct? Why or Why not?

  Draw decision tree for kring and select her best alternative

Kring Acosta, after migrating to the United States, is considering opening a new grocery store in town.- Draw a decision tree for Kring and select her best alternative.

  On february 1 job 12 had a beginning balance of 200 during

on february 1 job 12 had a beginning balance of 200. during february direct materials of 500 and direct labor of 200

  Calculate the fair value of investments

determine techniques that it can use in order to calculate the fair value of investments

  Discuss the accounting principles

Critically discuss the accounting principles and qualitative characteristics of useful financial information that were violated in the above case.

  Compute amounts of any liability for compensated absences

Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017

  Compute the cost of not taking the following cash discounts

Compute the cost of not taking the following cash discounts.

  Health care financial terms worksheet

Understanding health care financial terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course.

  What abc systems would be helpful to guide

Assuming that Seneca starts to supply new customers-large discounters and supermarkets outisde its local region-what ABC systems would be helpful to guide the profitability of the strategy and assist Seneca managers in making decisions?

  Apr 30 declared semiannual dividends of 075 on 18000 shares

selected transactions completed by canyon ferry boating corporation during the current fiscal year are as

  What are the major characteristics of bonds

What are the major characteristics of bonds? What is the straight-line method of amortizing discount and premium on bonds payable

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd