A Sole Proprietorship Has the Following Transactions: the Business Received

question 42

Multiple Choice

A sole proprietorship has the following transactions: The business received $20,000 cash from the owner in exchange for capital.
The business purchases $600 of office supplies on account.
The business purchases $3,000 of furniture on account.
The business performs services to various clients totaling $11,000 on account.
The business pays out $3,000 for salaries expense and $4,500 for rent expense.
The business pays $600 to a supplier for the office supplies purchased earlier.
The business collects $2,000 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.Accounts Payable will appear as
Which of the following?

• A)Accounts Payable
• B)Accounts Payable
• C)Accounts Payable
• D)Accounts Payable

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Definitions:

Null Hypothesis

A hypothesis stating that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error.

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis, often referred to as a "false negative" finding.

Null Hypothesis

A hypothesis that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error.