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Author Question: Which of the following entries records the investment of cash by Taylor Thomas, owner of a ... (Read 285 times)

xroflmao

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on: Jul 5, 2018
Which of the following entries records the investment of cash by Taylor Thomas, owner of a proprietorship?
 a. debit Taylor Thomas, Capital; credit Accounts Receivable
  b. debit Cash; credit Taylor Thomas, Capital
  c. debit Taylor Thomas, Drawing; credit Cash
  d. debit Cash; credit Taylor Thomas, Drawing

Question 2

A company may choose to use budgeted rates to allocate direct labor accounts if direct labor costs are difficult to trace to jobs as they are completed.
 
  Indicate whether this statement is true or false.


nyrave

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

Answer: TRUE


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