Jack Henry Borrowed $800,000 from Walt Bank to Open a New

question 19

Multiple Choice

Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden Wheels. Jack transferred $650,000 of the cash he borrowed to Wooden Wheels on the first day of the year. Which of the following appropriately reflects the cash transactions between these reporting entities? $\begin{array}{cccc} \text { option } & \text {Jack Henry } &\quad\text { wooden wheels } & \text { walt bank }\\\end{array}$

A.
$\begin{array}{ccc} &\quad\quad\quad\$ 150,000 \text { increase } &\$ 650,000&\quad\quad\$800,000\\&& \text { increase } &\quad\quad \text { decrease }\\\end{array}$

B.
$\begin{array}{ccc} &\quad\quad\quad\text { \$ 800, 000 increase } & \text { \$ } 650,000 & \$150,000 \\&& \text { increase } & \text { decrease } \\\end{array}$

C.
$\begin{array}{ccc} &\quad\quad\quad\text { \$ } 800,000 \text { decrease } & \$ 800,000 & \$ 650,000 \\&& \text { increase } & \text { decreas } \\\end{array}$

D.
$\begin{array}{ccc} &\quad\quad\quad\text { \$ 650,000 increase } & \$ 150,000 & \$ 800,000\\&& \text { increase } & \text { decreas } \end{array}$

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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Definitions:

Chordata

A phylum of animals possessing a notochord at some stage in their development, including vertebrates like fish, amphibians, reptiles, birds, and mammals.

Vertebrata

A subphylum of chordates that includes animals with backbones or spinal columns.

Mammalia

A class of warm-blooded vertebrate animals characterized by the possession of mammary glands, which females use to feed their young, among other distinctive features.

Animalia

A kingdom comprising multicellular, eukaryotic organisms that are typically mobile and obtain nutrients by consumption.