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:

High Degree

A level or status of academic achievement typically referring to advanced qualifications beyond basic schooling, such as a master's or doctoral degree.

Autonomy

The degree to which an individual or entity has the freedom and independence to make their own choices and decisions.

Task Identity

The extent to which a position necessitates the finishing of a complete and distinguishable piece of work.

Empowerment

The process of giving individuals or groups more control over their lives or the situation they are in, often by delegating power or resources.