Homework answers / question archive / Question 6 -- / 1 Which of the following best defines an asset? 1 An economic resource representing cash or the right to receive cash in the near future 2 Something owned by a business that has a ready market value

Question 6 -- / 1 Which of the following best defines an asset? 1 An economic resource representing cash or the right to receive cash in the near future 2 Something owned by a business that has a ready market value

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Question 6 -- / 1 Which of the following best defines an asset? 1 An economic resource representing cash or the right to receive cash in the near future 2 Something owned by a business that has a ready market value. 3 An economic resource owned by a business and expected to benefit future operation 4 Something with physical form that is valued at cost in the accounting records. Question 7 --/1 Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Jan 1, 20 Sunset's owners invested $60,000 cash into the company. Feb 24, 20 Sunset purchased $8,000 of inventory on account. Mar 3,20 Sunset purchased another $5,000 of inventory from the same supplier, on account. Mar 16, 20 The Company paid off all amounts owning to the supplier Mar 20, 20 The Company sold goods for $12,000 to Sunshine Corporation on account. April 5, 20 Sunset pays its owners a dividend of $8,000. How should the transaction on Jan 1, 2020, be recorded? Debit Investment $60,000, Credit Cash $60,000 Debit Cash $60,000, Credit Common Shares $60,000 Debit Cash $60,000, Credit Accounts Payable $60,000 Debit Retained Earnings $60,000, Credit Share Capital $60,000 Question 8 --/1 Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Jan 1, 20 Sunset's owners invested $60,000 cash into the company. Feb 24, 20 Sunset purchased $8,000 of inventory on account. Mar 3, 20 Sunset purchased another $5,000 of inventory from the same supplier, on account. Mar 16, 20 The Company paid off all amounts owning to the supplier Mar 20, 20 The Company sold goods for $12,000 to Sunshine Corporation on account. April 5, 20 Sunset pays its owners a dividend of $8,000. How should the transaction on Feb 24, 2020 be recorded? Debit Supplies $8,000, Credit Cash $8,000 Debit Inventory $8,000, Credit Accounts Payable $8,000 Debit Cash $8,000, Credit Inventory $8,000 Debit Unearned income $8,000, Credit Accounts Payable $8,000 Question 9 -/1 Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Jan 1, 20 Sunset's owners invested $60,000 cash into the company. Feb 24, 20 Sunset purchased $8,000 of inventory on account. Mar 3, 20 Sunset purchased another $5,000 of inventory from the same supplier, on account. Mar 16, 20 The Company paid off all amounts owning to the supplier. Mar 20, 20 The Company sold goods for $12,000 to Sunshine Corporation on account. April 5, 20 Sunset pays its owners a dividend of $8,000. How should the transaction on Mar 16, 2020 be recorded? Debit Accounts Payable $13,000, Credit Cash $13,000 Debit Accounts Payable $8,000, Credit Inventory $8,000 Debit Cash $8,000, Credit Accounts Payable $8,000 Debit Inventory $13,000, Credit Accounts Payable $13,000 Question 10 -/1 Sunset Corporation began operations on January 1, 2020. During the year, the following transactions occurred: Jan 1, 20 Sunset's owners invested $60,000 cash into the company. Feb 24, 20 Sunset purchased $8,000 of inventory on account. Mar 3,20 Sunset purchased another $5,000 of inventory from the same supplier, on account. Mar 16, 20 The Company paid off all amounts owning to the supplier. Mar 20, 20 The Company sold goods for $12,000 to Sunshine Corporation on account. April 5, 20 Sunset pays its owners a dividend of $8,000. How should the transaction on Mar 20, 2020 be recorded? Debit Accounts Receivable $12,000, Credit Revenue $12,000 Debit Cash $12,000, Credit Revenue $12,000 Debit Accounts Receivable $12,000, Credit Cash $12,000 Debit Revenue $12,000, Credit Accounts Receivable $12,000