Functional: Measurement 17) Stewart Candle Company received cash of $40,000 by issuing 4,000 common shares at $10 each. Which of the following accounts will be debited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable Answer: B Diff: 2 LO: 2-3 Application AICPA Functional: Measurement 18) Whitney Chemicals Company received cash of $40,000 by issuing 4,000 common shares at $10 each. Which of the following accounts will be credited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable Answer: C Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 19) A business purchases equipment for $8,000 cash. Which of the following accounts will be debited? A) Cash B) Accounts Payable C) Common Stock D) Equipment Answer: D Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 20) A business purchases equipment for $8,000 cash. Which of the following accounts will be credited? A) Cash B) Accounts Payable C) Common Stock D) Equipment Answer: A Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 21) A business a cash payment of $12,000 to a supplier, for supplies purchased two weeks earlier.
Functional: Measurement 17) Stewart Candle Company received cash of $40,000 by issuing 4,000 common shares at $10 each. Which of the following accounts will be debited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable Answer: B Diff: 2 LO: 2-3 Application AICPA Functional: Measurement 18) Whitney Chemicals Company received cash of $40,000 by issuing 4,000 common shares at $10 each. Which of the following accounts will be credited? A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable Answer: C Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 19) A business purchases equipment for $8,000 cash. Which of the following accounts will be debited? A) Cash B) Accounts Payable C) Common Stock D) Equipment Answer: D Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 20) A business purchases equipment for $8,000 cash. Which of the following accounts will be credited? A) Cash B) Accounts Payable C) Common Stock D) Equipment Answer: A Diff: 2 LO: 2-3 AACSB: Application AICPA Functional: Measurement 21) A business a cash payment of $12,000 to a supplier, for supplies purchased two weeks earlier.
Test-Bank-for-Horngren-s-Financial-Managerial-Accounting-4E-4th-Edition.docx