A business has the following transactions:
" ¢ The business receives $25,000 cash and issues common stock to stockholders.
" ¢ The business purchases $800 of office supplies on account.
" ¢ The business purchases $4,000 of furniture on account
• The business renders services to various clients totaling $17,000 on account.
• The business pays $2,000 for salaries expense and $5,000 for rent expense.
• The business pays $800 to a supplier for the office supplies purchased earlier.
• The business collects $3,000 from one of its clients for services rendered earlier in the month.
At the end of the month, all journal entries are posted to the ledger. Accounts Receivable will appear as which of the following?
A)
B)
C)
D)
D
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A bill of sale is used to transfer the ownership of
A) real property. B) fixtures. C) personal property. D) appurtenances.
Which of the following statements regarding limited partnership is TRUE?
A) There is no limit on a limited partner's liability. B) A limited partner is not liable until all the assets of the general partners have been exhausted. C) A general partner's liability is limited by the amount of their investment. D) A limited partner's liability is limited by the amount of their investment.