Gce Model Questions Vol1 2022 Financial Accounting Question 46

Practice objective / multiple choice question 46 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 46 GCE_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

A company bought equipment for \(150,000\) cash and paid \(20,000\) for its installation. Record the journal entry showing the debit and credit accounts and amounts.

Answer Options

A. Debit Equipment 150,000; Debit Installation Expense 20,000; Credit Accounts Payable 170,000
Correct Answer B. Debit Equipment 150,000; Debit Installation Expense 20,000; Credit Cash 170,000
C. Debit Equipment 170,000; Debit Installation Expense 20,000; Credit Cash 190,000
D. Debit Equipment 150,000; Credit Installation Expense 20,000; Credit Cash 130,000
Correct Answer
B
Correct Option:
Debit Equipment 150,000; Debit Installation Expense 20,000; Credit Cash 170,000

About This Question

This is Gce Model Questions Vol1 2022 Financial Accounting Question 46. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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