This question is incomplete. The complete question, answer & explanation for this question is given in the attachment below.
Answer:
assets + 80,000
liaiblities + 80,000
equity: no effect
Explanation:
the land enter the accounting at cost, which is 100,000
cash, which is an assets will decrease by 20,000
the net effect on assets is 80,000
(100,000 from lñand - 20,000 ecrease in cash)
the amount financed through the promissory note will increase liaiblities for 80,000
equity will not be affected.
First, we need to determine how much per month Jay was spending:
200,000 / 100 = 2000
(2000)(.49)= 980$ a month
Then, mutiply by the 10 months:
9800$ dollars
I would say C. Hope this helps!
Answer:
the answer is C. a legal entity of people who share a common mission.