1 answer

Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining...

Question:

Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining a mortgage for $120,000 would
Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining a mortgage for $120,000 would: decrease assets and liabilities by $120,000 O increase liabilities by $150,000 increase assets and liabilities by $120,000 increase liabilities by $30,000 Question 6 (1 point) If owner's equity is $135,000 and total liabilities are $90,000, then total assets would be: $45,000 O $135,000 $225,000 $90,000

Answers

Question 5

Answer: decrease assets and liabilities by $ 120,000

Explanation   

While purchasing a building by paying cash, cash account will be credited. Cash is an asset and therefore it is decreases. If we obtaining a mortgage, then cash will be debited and similarly, mortgage will be credited

  Since, mortgage is a liability, therefore, it should be credited.

Question 6

Answer: $ 225,000

Explanation

Total assets = owner's equity + total liabilities

= $ 135,000 + 90,000

=$ 225,000

.

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