Reference no: EM132998032
Problem 1: Mr. A invested $25,000 cash into the business. The journal entry would be
A. Debit Mr.A's Capital account, Credit cash account
B. Debit Cash account, Credit Mr.A's capital account
C. Debit Bank account, Credit Mr.A's capital account
D. Debit Furniture Account, Credit Mr.A's capital account
Problem 2: Which of the following journal entry/entries is correct?
A. Invest $10,000 cash in business: Debit Capital account, Credit Cash account
B. Bought furniture on credit $4000: Debit Furniture account, credit Cash account
C. Bought machinery on credit $8000: Debit machinery account, credit Accounts Payable account
D. Bought machinery on credit $8000: Debit machinery account, credit Accounts Receivable account
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