Question 1.4 2 points A company pays $2,000 cash on account to a supplier. Which

Question

Question 1.4 2 points A company pays $2,000 cash on account to a supplier. Which of the following journal entry is correct to record this transaction? O Debit accounts payable $2,000; credit cash $2,000 O Debit owner's equity $2.000, credit cash $2.000 O Debit supplies $2,000; credit cash $2,000 O Debit cash $2,000, credit accounts payable S2000 Que Cate Qu Question 1.5 The following account balances are available for the Bentley Company as of December 31: Cash $30,000, 2points Qu O Que Fees Earned $67,000, Owner's Capital $50,000, Supplies Expense $2,000, Supplies $1,000, Accounts PayableOQue Payable $18,000, Land $100,000, Rent Expense $12,000 and Accounts Receivable $3,000. O Que O Ques O Ques O Ques O Ques O Ques Quest O Quest O Quest What is the amount of the Total Assets? O $215,000 O $30.000 O $186,000 O$134,000 O Quest O Questi t Question 1.6 Resources a business owns are called: Overvie nsAnaworeda 45 questior Last questi 10:12 56 P O Liabilities. O Revenues O Assets o Owner's equity

Explanation / Answer

1.4)correct option is A"

Entry :

Accounts payable Debit 2000

cash                    credit 2000

1.5)correct option is "D"

**current asset = cash + supplies+ Accounts receivable

     = 30000+1000+3000

       = 34000

Total asset =current asset+ land

       = 34000+ 100000

    = 134000

1.6)Correct option is" C" -Asset

Asset are those resources owned by an enterprise as a result of past event

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