I don’t know for sure so check on google or quiz let
Answer:
1) - proprietorships.
2) - corporations.
3) - proprietorships.
4) - corporations.
Explanation:
So far as figures are concerned, the majority of companies are proprietorships. Even so, mostly based on currency sales revenue, almost all of the trade is conducted by corporations. Businesses are mostly founded as proprietorships and only transformed into corporations until their success results in drawbacks that overshadow the benefits.
So, the following are the reason that describes the following answers are true according to the given scenario.
Answer:
Accounts payable (opening) = $ 45000.
Account rec during year = $464570
Cash payment during year = $351570.
Explanation:
As we know that:
Account payable (open) + Purchases - Accounts payable(end) = Paid cash
Accounts payable (open) + 201400-59900= 186500
Accounts payable (open)= 186500+59900-201400
= $45000.
As we know that:
Account receivables (open) + A/c receivable during year - A/c receivable (end)=Cash collected.
A/c receiable during period= 449600-115800+130770
= $464570.
As we know that:
Cash (open) + Cash collected - Cash (end)= Cash payment during period.
46200+248600 - 56770 = Cash payments during year.
Cash payment during year = $351570.
Answer:
The entries to record the transactions are given below.
a. Provide music lessons to students for $7,000 cash.
Debit Cash Asset $ 7000
CreditService Revenue income $ 7000
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.
Debit Prepaid Insurance equipment Asset $ 3000
Credit Cash Asset $ 3000
c. Purchase musical equipment for $10,000 cash.
Debit Equipment Asset $ 10,000
Credit Cash Asset $ 10,000
d. Obtain a loan from a bank by signing a note for $10,000
Debit Cash Asset $ 10,000
Credit Notes payable $ 10,000