Green's Book Store Purchased a New Automobile That Cost $25,000,made

question 54

Multiple Choice

Green's Book Store purchased a new automobile that cost $25,000,made a down payment of $4,000,and signed a note payable for the balance.The entry to record this transaction is:

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Definitions:

Duty To Indemnify

It is an obligation to compensate for loss, damage, or liability incurred by another, often specified within a contract.

Suffered While Acting

Experiencing harm or injury in the course of performing duties or actions.

Capacity To Act

The legal ability of a person to enter into contracts and engage in binding agreements.

Agent To Do

Refers to an individual or entity appointed to act on behalf of another (the principal) in dealings with third parties, within the scope of authority granted by the principal.