TransAm Mail Service Purchased Equipment for $2,500

question 111

Multiple Choice

TransAm Mail Service purchased equipment for $2,500.TransAm paid $400 in cash and signed a note for the balance.TransAm debited the Equipment account, credited Cash and

• A)nothing further must be done.
• B)debited the retained earnings account for $2,100.
• C)credited another asset account for $400.
• D)credited a liability account for $2,100.

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Definitions:

Number Tables

Tables used to organize, display, and analyse numerical data systematically.

Ethically Bound

refers to being obligated to act in ways that are considered morally right and fair within societal or professional standards.

Widths

The measurement or extent of something from side to side; the lesser of two or the more usually perceived dimensions of an object.

Bars

Graphical units used in charts, such as bar charts or histograms, to represent data visually through the size of rectangular shapes.