Puffin,Inc

question 63

Multiple Choice

Puffin,Inc.purchased land costing $54,000 by paying cash of $13,500 and signing a 90-day note for the balance.The entry to record this transaction would:

• A)increase total assets.
• B)decrease total liabilities.
• C)decrease Common Stock.
• D)increase total assets and decrease total liabilities.

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Definitions:

Cash Sales

Transactions where payment is made in cash at the time of purchase.

Financial Accounting Reports

Documents that summarize the financial performance and position of an organization, including income statements, balance sheets, and cash flow statements.

QBO Settings

Configuration options within QuickBooks Online software that allow users to customize accounts, preferences, and features as per their business requirements.

QBO Transactions

Financial activities recorded in QuickBooks Online, such as sales, purchases, payments, and receipts.