Slug,Incpurchases Equipment for $1,200,000 Million Paying $180,000 in Cash and Issuing

question 102

Multiple Choice

Slug,Inc.purchases equipment for $1,200,000 million paying $180,000 in cash and issuing $1,020,000 in promissory notes.When the journal entry is posted to the related accounts:

• A)$1,200,000 will be credited and $180,000 will be debited to asset accounts;$1,020,000 will be debited to liability accounts.
• B)$1,200,000 will be debited to asset accounts;$1,020,000 will be credited to liability accounts.
• C)$1,200,000 will be debited and $180,000 will be credited to asset accounts;$1,020,000 will be credited to liability accounts.
• D)$1,200,000 will be credited to asset accounts;$1,200,000 will be debited to liability accounts.

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