Author Question: A business in the form of a sole proprietorship ________. A) is separate and distinct from its ... (Read 35 times)

joe · **on:** Jul 5, 2018

A business in the form of a sole proprietorship ________.

A) is separate and distinct from its owner
B) is a separate legal entity
C) files its own tax return
D) is a company with a single owner

Question 2

The journal entry to record the purchase of merchandise on account would include a ________.

A) credit to Accounts receivable
B) credit to Cash
C) credit to Accounts payable
D) debit to Cost of goods sold