Hesson Properties, Inc -Refer to the Figure Hesson Properties,Inc $\begin{array} { l l } \text { Equipment } & 1,500 \\\text { Accounts payable } && 1,500 \end{array}$

question 80

Multiple Choice

Hesson Properties, Inc.The following transactions occurred during June:
$\begin{array}{ll}\text { June 1 } & \text { The company purchased two new maintenance carts on account at } \$ 750 \text { each. } \\&\text { Payment is due in } 30 \text { days. } \\\text { June } 8 &\text { The company accepted } \$ 500 \text { of advance payments from customers for service } \\&\text { to be provided next month. }\\\text { June } 15 & \text { The company received the utility bill for } \$ 300 \text {. Payment is due in } 30 \text { days. } \\\text { June } 20 & \text { The company billed customers } \$ 1,500 \text { for services provided. Payment is due in } \\&\text { 30 days. }\\\text { June } 30 & \text { The company received } \$ 500 \text { from customers who were billed earlier. }\end{array}$
-Refer to the figure Hesson Properties,Inc.Which journal entry is required to record the purchase of the carts?

• A)
• \(\begin{array} { l l }
• \text { Equipment } & 1,500 \\
• \text { Accounts payable } && 1,500
• \end{array}\)
• B)
• \(\begin{array} { c c c }
• \text { Equipment }& 1,500 \\
• \text { Cash } & & 1,500
• \end{array}\)
• C)
• C\(\begin{array} { l }
• \text { Cash } &1,500\\
• \text { Equipment }&&1,500
• \end{array}\)
• D)
• \(\begin{array}{llr}
• \text { Accounts payable} &1,500\\
• \text { Equipment} &&1,500\\
• \end{array}\)

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Definitions:

Newsworthy

A quality or characteristic of events or information that makes them interesting, important, or relevant enough to be reported in the news.

Discretionary Funds

Discretionary funds refer to money available for spending on non-essential items or activities, often allocated after necessary expenses have been covered.

Worthwhile Cause

A meaningful, important, or valuable goal, project, or mission that merits time, effort, and resources.

Place Blame

The act of attributing fault or responsibility for a mistake or wrongdoing to someone.