Carl's Carpentry Purchased $10,000 of Land and a Building for $40,000.The

question 113

Multiple Choice

Carl's Carpentry purchased $10,000 of land and a building for $40,000.The company paid $20,000 cash and signed a long-term note for the amount still owed.How would the company record this transaction?

• A)Debit Land for $50,000 and credit Cash for $50,000.
• B)Debit Land for $10,000,debit Building for $40,000 and credit Cash for $50,000.
• C)Debit Cash for $20,000,debit Notes Payable for $30,000,credit Land for $10,000,and credit Building for $40,000.
• D)Debit Land for $10,000,debit Building for $40,000 credit Cash for $20,000,and credit Notes Payable for $30,000.
• E)Debit Building for $20,000 and Notes Payable for $20,000.

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Definitions:

Albert Bandura

A prominent psychologist known for his work in social learning theory, emphasizing the importance of observing, modelling, and imitating the behaviors, attitudes, and emotional reactions of others.

Self-Efficacy

The perception a person has of his or her ability to perform competently whatever is attempted.

Heritability Of Traits

A measure of how much genetic factors contribute to individual differences in observable traits within a population.

Personality Differences

Variations in the patterns of thinking, feeling, and behaving that distinguish one person from another.