A company sold land for the same price that they paid for it last year.When entering this transaction in the journal,there will be a:
A)credit to Land.
B)debit to Land.
C)debit to Accounts Payable.
D)credit to Accounts Receivable.
A partner in the partnership called Sturm Company purchased a new yacht with his own funds.Sturm Company would:
A)debit an asset account.
B)credit a revenue account.
C)credit a liability account.
D)not record the transaction in their books.
Jaye Company purchased a new building by signing a note for $20,000.The entry to record the transaction is:
When posting a journal entry to the ledger,we transfer:
A)the dollar amount of debits in the journal entry to the appropriate accounts.
B)the dollar amounts of credits in the journal entry to the appropriate accounts.
C)the name of the person who prepared the journal entry.
D)A and B.