Patrick Company Had the Following Transactions

question 34

Multiple Choice

Patrick Company had the following transactions:
1) The owner started the company by investing $10,000 of cash.
2) The company paid $2,000 for six months of rent.The rent was paid in advance.
3) The company acquired $3,300 in inventory and put one-third of the purchase on account.The company paid $2,200 cash.
4) The company sold inventory costing $1,400 for $2,900 on account.
After all these transactions,what is the balance in the cash account?

• A) $1,600
• B) $2,900
• C) $5,800
• D) $8,000

Appreciate the complexities involved in partnership agreements and documentation.

Identify the advantages and disadvantages of partnerships as a form of business organization.

Comprehend the accounting treatment of partner contributions and withdrawals.

Differentiate among partnerships, corporations, and other forms of business organization in terms of size and structure.

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Software designed to manipulate video files, allowing users to cut, merge, or modify video clips, add effects, and create polished final products.

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Software designed to harm or secretly access a computer system without the owner's informed consent.

Consulting Business

A service-based organization that provides expert advice in a particular area, such as management, technology, or finance, to other businesses or individuals.