A Business Has the Following Transactions: the Business Is Started

question 40

Multiple Choice

A business has the following transactions: the business is started by receiving $20,000 from the owner. The business purchases $500 of supplies on account. The business purchases $2,000 of furniture on account. The business renders services to various clients totaling $9,000 on account. The business pays out $2,000 for Salary expense and $3,000 for Rent expense. Business pays $500 to supplier for the supplies purchased earlier. The business collects $1,500 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. The Accounts receivable account will appear as follows:

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Definitions:

Old Automobile

An old automobile refers to a car that has aged significantly, often considered to be a classic or vintage vehicle based on its historical value or date of manufacture.

Copyright Infringement

The unauthorized use of copyrighted material in a way that violates one of the copyright owner's exclusive rights.

Damages

Monetary compensation awarded by a court to the plaintiff for losses or injuries suffered due to the defendant's actions.

Registered

The status of being officially recorded and recognized, often referring to documents, organizations, or trademarks.