The following transactions occurred during June, the first month of operations for Accurate Manufacturing:
• Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
• Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance.
• Made a $100,000 cash payment on the note payable from the purchase of land.
• Purchased equipment on credit from National Supply for $40,000.
-Refer to the above data. What is the total of Accurate's liabilities at the end of June?
A) $70,000.
B) $110,000.
C) $200,000.
D) $240,000.

Question

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The Answer of The following transactions occurred during June, the first month of operations for Accurate Manufacturing:
• Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
• Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance.
• Made a $100,000 cash payment on the note payable from the purchase of land.
• Purchased equipment on credit from National Supply for $40,000.
-Refer to the above data. What is the total of Accurate's liabilities at the end of June?
A) $70,000.
B) $110,000.
C) $200,000.
D) $240,000.

The Following Transactions Occurred During June, the First Month of Operations