A company raised $50,000 in cash by taking a one-year loan of $10,000

31.A company raised $50,000 in cash by taking a one-year loan of $10,000 and a 5-year loan of $40,000. Which of the following is the correct journal entry to record this transaction?


Debit short-term debt $40,000; debit retained earnings $10,000; credit cash $50,000


Debit short-term debt $50,000; credit cash $50,000


Debit cash $50,000; credit long-term debt $50,000


Debit cash $50,000; credit short-term debt $10,000; credit long-term debt $40,000



32.Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger?


For assets, debits are entered on the left; for liabilities, credits are entered on the left


For assets, credits are entered on the left; for liabilities, debits are entered on the left


Debits on the left; credits on the right


Credits on the left; debits on the right



33.Baxtra, Inc. pays $20,000 in cash as interest to its lenders during 2005. According to U.S. GAAP, in which section of the statement of cash flows would this payment be included?


The operating section


The financing section


The investing section


Depends on whether cash flow statement is direct or indirect method.



34.Taylor Company had a salaries payable balance of $18,000 on December 31, 2004. During 2005, it paid $50,000 in cash as salaries, and recorded a salary expense of $50,000. Its December 31, 2005 salaries payable balance is:








Cannot be determined from the information provided



35.On April 30, 2005, Zono Electronics, Inc. made a payment of $3,500 to Imperial Distributors, a supplier. Choose the statement that best describes the recording of this financial transaction by Imperial Distributors.


Debit cash $3,500; credit accounts payable $3,500


Debit accounts receivable $3,500; credit cash $3,500


Debit accounts payable $3,500; credit cash $3,500


Debit cash $3,500; credit accounts receivable $3,500



36.Sardi Company estimates its 2005 tax expense to be $80,000. It makes a cash payment of $20,000 to the tax authorities on December 31, 2005. How should this transaction be recorded by Sardi?


Debit tax expense $80,000; credit cash $60,000; credit taxes payable $20,000


Debit tax expense $80,000; credit cash $20,000; credit taxes payable $60,000


Debit tax expense $80,000; credit cash $20,000


Debit tax expense $80,000; credit cash $20,000; credit accounts payable $60,000


37.On June 1, 2005, Planet Music has accounts payable of $45,000. During the month, debits of $3,000 and credits of $11,000 were made to the account. At the end of June 2005, what was the accounts payable balance?


A credit balance of $53,000


A debit balance of $42,000


A credit balance of $56,000


A debit balance of $53,000



38.Barnaby & Sons receives a large shipment of goods from its supplier. It pays $58,000 at the time of delivery and promises to pay the remaining $42,000 within the next two months. What is appropriate journal entry for this transaction?


Debit cash $42,000; debit inventory $16,000; credit accounts payable $58,000;


Debit inventory $100,000; credit cash $58,000; credit accounts payable $42,000


Debit accounts payable $58,000; credit cash $42,000; credit inventory $16,000


Debit accounts payable $58,000; debit cash $42,000; credit inventory $100,000



39.Annie’s Fitness sells a set of free weights to a customer for $1,000. The customer pays $600 in cash and puts the rest on her store credit account. Which one of the following statements describes the most appropriate accounting for the transaction?


Debit cash $600; debit accounts receivable $400; credit cost of good sold $1000


Debit cash $600; debit accounts receivable $400; credit revenues $1,000


Debit revenues $1,000; credit cash $600; credit accounts receivable $400


Debit cash $600; debit accounts receivable $400; credit inventory $1,000

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
excellent job
Customer 456821, June 20th, 2022
The paper was beautifully written with minor errors. Once again my expectations have been exceeded. Thank you to the writer for a beautifully written paper and thank you to the customer service department for ensuing the work of the highest quality.
Customer 452455, April 29th, 2023
Health Care
It is exactly my expectation. Thank you.
Customer 454755, June 30th, 2020
The paper was delivered on time but I requested for a revision. Overall, it was on time and satisfied with the provided 2 versions of the revised paper. Thank you!
Customer 454455, June 7th, 2020
excellent work
Customer 456821, August 31st, 2022
Business and administrative studies
On point.
Customer 459947, April 15th, 2022
Healthcare & Medical
An exceptional blogpost
Customer 463337, December 14th, 2022
Film & Theater studies
Good work.
Customer 462687, July 4th, 2022
Social Sciences
Customer 453751, June 14th, 2020
Political science
Avoid minor revisions; be sure of instructions.
Customer 454483, April 6th, 2022
Business Studies
Delivered earlier than expected, great work!
Customer 462937, May 6th, 2022
good work
Customer 463813, March 31st, 2023
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat