The Entry to Record the Purchase of a Machine on Account

question 78

Multiple Choice

The entry to record the purchase of a machine on account that costs $10,000, installation costs, $1,000, and freight, $600, would be:

• A) debit Machinery $10,000; credit Accounts Payable $10,000.
• B) debit Machinery $10,000; debit Expenses $1,600; credit Accounts Payable $11,600.
• C) debit Machinery $11,600; credit Accounts Payable $11,600.
• D) debit Machinery $11,000; debit Freight Expense $600; credit Accounts Payable $11,600.

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Definitions:

Team Work

The collaborative effort of a group to achieve a common goal or task in the most effective and efficient way.

Groupthink

A psychological phenomenon wherein the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.

Consensus Prematurely

Reaching an agreement or decision before all aspects and perspectives of an issue have been fully explored or debated.

Team Building

The process of enhancing social relations, clarifying team members' roles, and solving task and interpersonal problems that can affect team functionality.