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:

Jurgen Habermas

A German sociologist and philosopher known for his theory on the public sphere and communicative action.

Early Modernity

A historical period roughly spanning from the 16th to the 18th century, characterized by significant changes in areas such as science, politics, and society, marking the transition from the medieval to the modern world.

Zygmunt Bauman

A Polish sociologist known for his analysis of the links between modernity, globalization, and consumerism, and for coining the term "liquid modernity."

Elites

Refers to a small group of people with a disproportionate amount of wealth, privilege, political power, or skill in a society.