Blair Scott Started a Sole Proprietorship by Depositing $75,000 Cash

question 46

Multiple Choice

Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account.During the accounting period the business borrowed $30,000 from a bank,earned $18,000 of net income,and Scott withdrew $12,000 cash from the business.Based on this information,at the end of the accounting period Scott's capital account contained a balance of:

• A)$93,000.
• B)$111,000.
• C)$72,000.
• D)$81,000.

Identify and categorize different types of accounts (assets, liabilities, equity, revenue, expenses, and withdrawals) within a financial accounting system.

Analyze and calculate owner's equity based on given financial information.

Develop the ability to prepare a trial balance from a provided set of account balances.

Understand the relationship between assets, liabilities, and owner's equity in determining the financial position of a business.

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Definitions:

CS

In psychological contexts, an abbreviation for "conditioned stimulus," a component of classical conditioning referring to a previously neutral stimulus that, after association with an unconditioned stimulus, elicits a conditioned response.

Interoceptive Conditioning

A process where physiological responses become associated with certain stimuli, potentially influencing emotional and behavioral responses.

Maladaptive Behaviors

Behaviors that inhibit a person’s ability to adjust healthily to particular situations, often negatively impacting their daily functioning and well-being.

Classical Conditioning

An educational method where two signals are consistently associated; initially, the second signal triggers a reaction, but over time, the reaction becomes triggered by the first signal alone.