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Author Question: Baylor Company purchased merchandise on account, 3,000, with terms 2/10, n/30 . The entry required ... (Read 496 times)

fahad

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on: Jul 6, 2018
Baylor Company purchased merchandise on account, 3,000, with terms 2/10, n/30 . The entry required of Baylor Company to record the transaction in the cash payments journal, assuming payment is made within the discount period, is
 a. debit Accounts Payable, 3,000; credit Sales Discounts, 60; credit Cash, 2,940.
   b. debit Accounts Payable, 2,940; credit Cash, 2,940.
   c. debit Accounts Payable, 3,000; credit Cash, 3,000.
   d. debit Accounts Payable, 3,000; credit Purchases Discounts, 60, credit Cash, 2,940.
   e. credit Accounts Payable, 3,000; credit Cash 3,000.

Question 2

Incurring construction costs on a major general government capital project would
 
  a. Decrease fund balance in a Capital Projects Fund
  b. Decrease cash in the General Capital Assets accounts
  c. Increase capital assets in a Capital Projects Fund
  d. Increase capital assets in the General Fund


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vseab

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Reply #1 on: Jul 6, 2018
Answer to Question 1

d

Answer to Question 2

A


fahad

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Reply 2 on: Jul 6, 2018
Wow, this really help

ghepp

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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