The General Journal Entry to Record the Purchase of an Asset

question 134

Multiple Choice

The general journal entry to record the purchase of an asset on account would include

• A) a debit to Accounts Receivable and a credit to Fees Earned.
• B) a debit to Equipment and a credit to Accounts Payable.
• C) a debit to Accounts Payable and a credit to Equipment.
• D) a debit to Supplies and a credit to Cash.

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Definitions:

Declarative

Pertaining to knowledge that can be consciously recalled and articulated, such as facts or information.

Procedural

refers to a method or process in the execution of actions or operation of systems, often opposed to declarative knowledge which is about facts or things known.

Self-efficacy

An individual’s belief in their capacity to execute behaviors necessary to produce specific performance attainments, shaping how they think, feel, and act.

Declarative

Pertaining to the ability to consciously recall facts and knowledge, part of explicit memory.