54) Which of the following journal entries would be recorded if Christy Jones Company received a $3,000 cash contribution from the owner? A) Cash 3,000 C. Jones, Capital 3,000 B) Accounts Payable 3,000 Cash 3,000 C) C. Jones, Capital 3,000 Cash 3,000 D) C. Jones, Capital 3,000 Accounts Payable 3,000 Answer: A Diff: 2 LO: 2-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Journalizing and Posting Transactions 55) A business purchased land for $250,000 cash. Record the transaction in the journal. Answer: Land 250,000 Cash 250,000 Purchased land for cash. Diff: 2 LO: 2-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Journalizing and Posting Transactions
54) Which of the following journal entries would be recorded if Christy Jones Company received a $3,000 cash contribution from the owner? A) Cash 3,000 C. Jones, Capital 3,000 B) Accounts Payable 3,000 Cash 3,000 C) C. Jones, Capital 3,000 Cash 3,000 D) C. Jones, Capital 3,000 Accounts Payable 3,000 Answer: A Diff: 2 LO: 2-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Journalizing and Posting Transactions 55) A business purchased land for $250,000 cash. Record the transaction in the journal. Answer: Land 250,000 Cash 250,000 Purchased land for cash. Diff: 2 LO: 2-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Journalizing and Posting Transactions
Horngrens-Accounting-11th-Edition-Miller-Nobles-Test-Bank.docx