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2. You borrow $750,000 on a 90-day note. The money is deposited into checking. The entry for this transa
A debit of $750,000 to cash and a credit of $750,000 to notes payable
A credit of $750,000 to cash and a debit of $750,000 to notes payable
A debit of $750,000 to cash and a debit of $750,000 to interest expense
None of the above
3. A customer buys a product from you for $350 and promises to pay you in 30 days. The customer already
The entry for this transaction is:
A credit of $350 to sales and a debit of $350 to cash
A credit of $350 to sales and a debit of $350 to accounts payable
A debit of $350 to sales and a credit of $350 to accounts receivable
None of the above
4. Your company buys some materials to use in producing a product that it sells. The cost of the materials
vendor in 30 days. The entry for this transaction is:
A debit of $350 to materials expense and a credit of $350 to accounts payable
A credit of $350 to materials expense and a debit of $350 to accounts payable
A debit of $350 to materials expense and a credit of $350 to accounts receivable
A credit of $350 to materials expense and a debit of $350 to accounts receivable
None of the above
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2. A company has $1,000,000 Owners' Equity and $75,000 in liabilities. What are the assets for the compa
$1,000,000
$75,000
$925,000
None of the above
3. A company has cash in the bank of $850,000, inventory of $50,000 and a building worth $100,000. The
The company has liabilities that amount to $925,000. How much is owners' equity in this company?
$1,000,000
$75,000
$925,000
None of the above
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