QUESTION 6
Cosmolitos Co., a company specializing in children’s games, bought a new commercial space, for which it acquired a 15-year mortgage. What type of account is a mortgage?
fixed asset
Passive in a short time
Long-term liabilities
investor capital
10 points
QUESTION 7
Yoyikos Co. acquired a bank loan for a value of $5,600, which will be paid over a period of 2 years.
What accounts are we going to affect in the accounting record of this loan?
The Bank Loan account will be credited and the Cash account will be debited
The Cash account will be credited and the Accounts Payable account will be debited
The Bank Loan account will be debited and the Investment account will be debited
The Temporary Investments account will be debited and the Bank Loan account will be credited
QUESTION 8
Gumi Beauty sold 25 eye shadow sets on credit to Mrs. Sussy London on March 12 for a total value of $500. On April 12, Mrs. Sussy paid $200 of the outstanding account. What accounts will be affected by recording the payment made by Mrs. Sussy?
The profit account will be credited and the Accounts Receivable account will be debited
The Cash account will be debited and the Accounts Receivable account will be credited
The Cash account will be credited and the sales account will be debited
The Accounts Receivable account will be debited and the Cash account will be credited
QUESTION 9
Texturas Ltda. bought a piece of computer equipment for a value of $1,200. He paid half at the time of purchase and the rest will be paid in 6 months. In the transaction record, we are affecting the Sales and Cash accounts.
True
false
QUESTION 10
The wages payable account is part of what type of accounts and what financial statement?
Long-term liabilities in the Income Statement
Current Assets on the Balance Sheet
Income in the Income Statement
Current Liabilities on the Balance Sheet
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