Questions
Single choice
Using the T account below, which of the following statements are true
Options
A.a. The business purchased Park Lane Property for $500
B.b. The business paid a $50 “get out of jail” fine
C.c. On the first day of the next month the Cash at Bank account will have a $450 Cr balance
D.d. All of the above
View Explanation
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Step-by-Step Analysis
To analyze the T account scenario, we start by identifying what each entry represents and how it affects Cash at Bank.
Option a: The business purchased Park Lane Property for $500. The T account shows Property (Park Lane) with a $500 entry on the debit side, which indicates an asset increase. Correspondingly, there is a $500 entry on the credit side of Cash at Bank, meaning c......Login to view full explanationLog in for full answers
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