is purchased by a business for $100,000. The company pays for the land by a
cash payment of $20,000 and promised to pay the remaining amount at a later
period. What is net effect of this transaction on the business’s accounting
increase by $100,000; liabilities increase by $80,000.
increase by $100,000; expenses increase by $20,000; liabilities increase by
by $80,000; liabilities increase by $80,000.
increase by $100,000; liabilities increase by $100,000.
of the following is a collection of all the accounts, the changes in those
accounts, and their balances?
expense that has been incurred but not yet paid is called a(n):
d. accrued expense.
time span during which cash is paid for goods and services, which are then sold
to customers from whom the business collects cash is called the:
d. sales time.
5) Which of the
following accounts are included in an income statement?
a. Land, Salaries
b. Owner’s Name,
Capital, Owner’s Contribution
c. Furniture, Cash
Service Revenue, Utilities
of the following is an example of an intangible asset?