Solved

Eli Opened a New Business by Investing the Following Assets

Question 100

Multiple Choice

Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli?


A)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
B)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
C)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
D)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)
E)
Eli opened a new business by investing the following assets: cash,$6,000; land,$30,000; building,$100,000.Also,the business will assume responsibility for a note payable of $22,000.Eli signed the note as part of his payment for the land and building.Which journal entry should be used on the books of the new business to record the investment by Eli? A) B) C) D) E)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q95: A summary of the ledger that lists

Q96: Jelly's Grocery Store showed the following account

Q97: A $15 credit to Sales was posted

Q97: If,on a trial balance,the total of the

Q99: A compound journal entry is:
A) A journal

Q101: The following are all of the accounts

Q103: D.Brown Plumbing Co completed the following transactions

Q104: On February 3,2015,Fusilli Stores purchased a computer

Q105: Record the following transactions by making entries

Q122: Explain how accounts are used in recording

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents