Answer and Explanation:
The Journal entry is shown below:-
1. Cash Dr, $31,770
To Common stock $31,770
(Being issuance of shares for cash is recorded)
2. No Journal Entry is required
3. Office furniture Dr, $3,740
To Accounts payable $3,740
(Being purchase of office furniture on credit is recorded)
4. Accounts receivable $10,430
To service revenue $10,430
(Being customer billed for service is recorded)
5. Cash $185
To credit revenue $185
(Being cash received for service is recorded)
6. Accounts payable $800
To cash $800
(Being cash paid for office furniture purchased is recorded)
7. Salaries expense Dr, $3560
To cash $3560
(Being salary paid is recorded)
<span>The correct answer is C. Retail and communications
firms are on the decline.</span>
With technology becoming easily accessible to all
people in all walks of life, consumers are finding it easier to do everything
with their mobiles and computers. Communicating is as easy as sending a chat
message and buying items online is definitely more appealing that spending time
in a physical shop.
