Four Unrelated Individuals Acquire Assets on Behalf of Jump Corporation

question 83

Multiple Choice

Four unrelated individuals acquire assets on behalf of Jump Corporation on May 21,2013,purchased assets on June 5,2013,and begin doing business on June 15,2013.They subscribe to shares of stock,file articles of incorporation for Jump,and become shareholders on July 23,2013.The S election must be filed no later than 2 1/2 months after:

• A)May 21,2013.
• B)June 5,2013.
• C)June 15,2013.
• D)July 23,2013.
• E)December 31,2013.

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Definitions:

Journal Entries

The recording of financial transactions into the accounting records, specifying the accounts affected by those transactions.

Standard Format

A predefined layout or structure used to present data or information consistently.

Office Equipment

Assets such as computers, desks, and chairs used in an office environment to support business operations.

Posting

The process of transferring entries from a journal into the respective accounts in the ledger.