The Manager of Grande Home Improvements Purchased Several Cash Registers

question 63

Multiple Choice

The manager of Grande Home Improvements purchased several cash registers for the business on June 10 but does not remember whether he paid cash for the full price or still owes a balance to the vendor. Where is the best place for the manager to get the information about this transaction?

• A) A trial balance prepared at the end of June.
• B) The general journal.
• C) A balance sheet prepared at the end of June.
• D) The ledger account for equipment.

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Definitions:

Proprietorship

A business structure owned by a single individual, where the owner and the business are legally treated as the same.

Basic Accounting Equation

Assets equal liabilities plus equity; the foundational equation in accounting expressing the principle of balance in a firm's financial position.

Owner's Equity

The remaining value of a company's assets after all liabilities have been subtracted, indicating the stake of ownership in the enterprise.

Assets

Economic resources or owned valuables that are expected to provide future benefits to a business.