Strayer ACC557 Midterm Exam 2015
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Question Question 1 3 out of 3 points Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? a. Credit an asset account for $400. b. Credit another liability account for $400. c. Credit the retained e...
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Question Question 1 3 out of 3 points Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? a. Credit an asset account for $400. b. Credit another liability account for $400. c. Credit the retained e...