On June 1, 2015 Ted Leo Buys a Copier Machine

question 30

Multiple Choice

On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will

• A)use two journal entries.
• B)make a compound entry.
• C)make a simple entry.
• D)list the credit entries first, which is proper form for this type of transaction.

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Definitions:

Shareholder Proxies

Legal authorizations granted by shareholders for someone else, often a board member, to vote on their behalf at company meetings.

Articles Or Bylaws

Written rules and regulations governing the structure and operations of a corporation or organization.

Access Corporation's Books

The right or ability to examine the financial records of a company.

Confidential Corporate Information

Confidential corporate information encompasses all non-public data, trade secrets, strategies, and details about a corporation's operations, financials, and plans that are protected to maintain competitiveness.