A business receives a capital contribution from its owner in the form of a motor vehicle valued at $15,000$. Which of the following journal entries correctly records this transaction in the General Journal?
Question 2
A company sells an old, unused piece of machinery for $5,000$ cash. The original cost of the machinery was $20,000$ and accumulated depreciation was $16,000$. Which of the following journal entries correctly records the sale of the machinery in the General Journal?
Question 3
A business discovers that a payment for advertising of $700$ was mistakenly debited to the 'Rent Expense' account instead of the 'Advertising Expense' account. Which entry in the General Journal would correct this error?
Question 4
At the end of the accounting period, a company determines that it has accrued salaries payable of $2,500$. Which of the following journal entries correctly records this adjusting entry?
Question 5
A business issues $10,000$ ordinary shares at a premium of $2$ per share. The par value is $1$ per share. Which of the following journal entries correctly records this transaction in the General Journal?
