For Each Transaction Provided, Choose the Appropriate Account from the List

question 43

Multiple Choice

For each transaction provided, choose the appropriate account from the list that would receive a debit entry as a result of the transaction. (Choices may be used more than once.)
-paying salaries to employees

• A)Cash
• B)Accounts Receivable
• C)Supplies
• D)Prepaid Insurance
• E)Land
• F)Equipment
• G)Accounts Payable
• H)Unearned Revenues
• I)Notes Payable
• J)Common Shares
• K)Retained Earnings
• L)Service Revenue
• M)Salary Expense
• N)Insurance Expense
• O)Utilities Expense
• P)Dividends

Realize the importance and methods of building long-term equity in entrepreneurial ventures.

Grasp strategies for entrepreneurship in competitive environments.

Acknowledge the relationship between entrepreneurs, private investors, and venture capitalists.

Understand the significance of a defined exit strategy and management strategies in fast-growth firms.

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Definitions:

Permit

An official document giving someone authorization to do something.

Toxic Substances Control Act

A United States law enacted in 1976 that gives the Environmental Protection Agency authority to regulate the manufacture and sale of chemicals.

Industrial Chemicals

Chemical substances manufactured for use in industrial processes or products, distinct from pharmaceuticals, agricultural chemicals, or food additives.

EPA

The Environmental Protection Agency, a U.S. federal agency responsible for protecting human health and the environment by enforcing regulations based on laws enacted by Congress.