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Dunbar corporation was incorporated on july 1 2018

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8.Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issuedshares to each of the six owners who paid a total of $3,000 cash. On the basis oftransaction analysis, the following entry should be recorded in the accounts (dr =debit and cr = credit)a.cash (cr), $3,000; shareholders' equity (dr), $3,000.b.cash (dr), $3,000; share capital (cr), $3,000.c.cash (cr), $3,000; share capital (dr), $3,000.d.cash (dr), $3,000; revenue (cr), $3,000.
9. If assets are $144,000 and liabilities are $37,000, then equity equals
10. The assets of a business total $20,000; the liabilities, $8,000. The claims of theowners are
11. The following information is available for Isla Company for the month of May. Howmuch is the profit for the month?Employee salaries$15,000Interest paid on bank loan2,500Rent paid to landlord12,500Service Revenue50,000
12. Generally accepted accounting principles areA. not used in the real worldB. are required to make financial statement information relevant and faithfullyrepresentedC. are only used for internal reportingD. are only used by auditorsE. are only used for reporting to Canada Revenue Agency
13. Unearned revenues are
14. Which of the following statements is correct?

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Term
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Tags
Balance Sheet, Generally Accepted Accounting Principles, D Assets

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