The Following Transactions Have Been Journalized and Posted to the Proper

question 146

Essay

The following transactions have been journalized and posted to the proper accounts. 1.Mark Call invested $7,000 cash in his new design services business.
2)The business paid the first month's rent with $700 cash.
3)The business purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4)The business purchased supplies for $850 cash.
5)The business billed its clients a total of $4,000 for design services rendered.
6)The business collected $3,000 on account from one of its clients.
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What is the balance in Accounts receivable?
A) $8,500
B) $1,000
C) $7,000
D) $4,000

• A) $8,500
• B) $1,000
• C) $7,000
• D) $4,000

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Definitions:

Sucker Effect

A phenomenon where individuals are less likely to contribute to a collective effort because they perceive that others are not doing their fair share, leading to a decrease in overall group contribution.

Withhold Effort

The act of deliberately putting in less effort or refraining from making a full effort, often as a form of protest or dissatisfaction.

Team Norms

Informal guidelines that regulate how members in a team interact, communicate, and work together.

Cohesiveness

The quality of forming a united whole, often used to describe the level of solidarity and togetherness among members of a group or team.