C Palmer Opens a New Computer Sales and Repair Business

question 16

Multiple Choice

C. Palmer opens a new computer sales and repair business. His assets are: Premises $700 000, Equipment $100 000, Inventory $150 000, and Cash $30 000. His liabilities are: Payables - M Rice $25 000. The journal entry to record the opening would include:

• A)a credit to Capital for $955 000.
• B)a debit to Capital for $955 000.
• C)a credit to Capital for $1 050 000.
• D)a debit to Capital for $1 050 000.

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Definitions:

Specialized Medical Group

A collective of medical practitioners with expertise in specific areas of healthcare, providing targeted treatments or services.

Educational And Training Standards

Established benchmarks or criteria for the content and delivery of education and training programs.

Medical Procedures

Medical operations or actions conducted to diagnose, treat, or prevent health conditions or diseases.

Municipal Administrative Tribunal

A local government body that makes administrative decisions, often related to planning, zoning, and by-law enforcement.