The correct statement is that the forms of business like Sole proprietorship, partnership and corporation are forms of ownership. So, the correct option is D.
The franchise business form does not give the franchisee an ownership of the business, rather, it gives the franchisee a license to operate its business for such time.
<h3>Forms of Business Organization</h3>
- Forms of business organization is an establishment of an artificial individual person to conduct business with an intention to share profits and losses, if any.
- A sole proprietorship is such form of business where the control, ownership and management of an organization is in the hands of a sole owner.
- A partnership is an establishment of two or more individual into an agreement of conducting business with a view to share profits in a predetermined proportion.
- A corporation is of two types - private and public. A private corporation is an establishment having at least two members holding share in the company.
Hence, the correct option is D that the three legal forms of business ownership are partnership, sole proprietorship and corporation.
Learn more about forms of business organization here:
brainly.com/question/1167298
D, you dont always want to say its urgent, unintended people could hear confidential info, if c then why leave a message? D is the only rational one it seems
Same question :
Kamau owned the patent of safety lock. Moses and Co. acquired the right to manufacture and sell
locks for seven years on the following terms:
a) Ofien0 and Co. to pay Kamau a royalty of Shs. 5 for each lock sold with a minimum ana
payment of Shs. 50,000. Accounts are to be settled annually on 31 December
n any year the royalty calculated on locks sold amounted to less than Shs. 50,000. Moses
and Co. is to have the right to deduct the deficiency from the royalty payable in excess of that
sum in the two following years. The number of locks sold was as follows:
Year ended 31s December:
2017 8,000
2018 9,000
2019 11,000
2020 18,000
Required:
Prepare the necessary ledger accounts to record the above royalty transactions in the books of Moses
and Co. which are closed annually on 31s December
i. Royalties Account
ii. Minimum Rent Account
ii. Short workings Account
iv. Kamau's Account
V. Profit and Loss Account
Answer:
BUCKEYE INCORPORATED
General Journal:
No Date Description Debit Credit
1 November 01
Cash $11,000
Common Stock $11,000
To record the issue of common stock for cash.
2. November 02
Equipment $1,500
Long-term Note Payable $1,500
To record the purchase of equipment from Spartan Corporation.
3. November 04
Supplies $1,100
Accounts Payable $1,100
To record the purchase of supplies on account.
4. November 10
Accounts Receivable $7,000
Service Revenue $7,000
To record the provision of services to customers on account.
5. November 15
Accounts Payable $1,200
Cash Account $1,200
To record the payment to suppliers on account.
6. November 20
Salaries Expense $1,000
Cash Account $1,000
To record the payment of salaries for the first half month.
7. November 22
Cash Account $9,000
Service Revenue $9,000
To record the provision of services to customers for cash.
8. November 24
Long-term Notes Payable $600
Cash Account $600
To record the payment on note to Spartan Corporation.
9. November 26
Utilities expense $1,200
Cash Account $1,200
To record the payment for gas and electricity for November.
10. November 30
Rent expense $3,000
Cash Account $3,000
To record the payment of rent for November.
Explanation:
General Journals: Buckeye Incorporated can use the general journal to record its business transactions as they occur on a daily basis. It shows the accounts involved in the transaction and the accounts to be debited and credited as the case may be.