Only firms that have experienced a crisis take measures to reduce the likelihood of a crisis, formulate management preparedness plans, or develop crisis response plans

If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to:

a. Debit Salary Expense and credit Cash. b. Debit Tim Jones, Salary and credit Cash. c. Debit Cash and credit Tim Jones, Withdrawals. d. Debit Tim Jones, Withdrawals and credit Cash. e. Debit Automobiles and credit Cash.

On October 1, 2017, Carlos, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was accrued on December 31, 2017. Prepare the journal entry July, 1, 2017, the date the note was paid

What will be an ideal response