[Question] 31. If a company pays cash to purchase land, the journal entry to record this transaction will include a debit to Cash. Answer: FALSE Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 2 Medium Learning Objective: 02-A1 Topic: Transaction Analysis Topic: Debit Topic: Credit Topic: Assets [Question] 32. If a company provides services to a customer on credit, the service provider company should credit Accounts Receivable. Answer: FALSE Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 3 Hard Learning Objective: 02-A1 Topic: Transaction Analysis Topic: Debit Topic: Credit Topic: Assets
[Question] 31. If a company pays cash to purchase land, the journal entry to record this transaction will include a debit to Cash. Answer: FALSE Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 2 Medium Learning Objective: 02-A1 Topic: Transaction Analysis Topic: Debit Topic: Credit Topic: Assets [Question] 32. If a company provides services to a customer on credit, the service provider company should credit Accounts Receivable. Answer: FALSE Blooms Taxonomy: Apply AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 3 Hard Learning Objective: 02-A1 Topic: Transaction Analysis Topic: Debit Topic: Credit Topic: Assets
Test-Bank-Financial-and-Managerial-Accounting-5th-Edition-Wild.docx