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:

Percent

A part per hundred used in expressing ratios, fractions, or portions of a whole.

Snow Removal Budget

The allocated funds for clearing snow from roads, sidewalks, and other public areas to ensure safety and accessibility.

Calgary

A city in the Canadian province of Alberta, known for its high quality of life and as a hub for the oil and gas industry.

Troy Ounce

A unit of measure for precious metals that is approximately 31.1035 grams, commonly used in the trading of gold and silver.