Nathanson Corporation was organized on May 1, 2014. The following events occurred during the first month. a. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 107 shares of $10 par value common stock.
b. Ordered store fixtures costing $17,000.
c. Borrowed $17,000 cash and signed a note due in two years.
d. Purchased $14,000 of equipment, paying $1,300 in cash and signing a six-month note for the balance.
e. Lent $1,700 to an employee who signed a note to repay the loan in three months.
f. Received and paid for the store fixtures ordered in (b).

Required:
Prepare journal entries for each transaction.

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Which statement best describes entrepreneurship aitmakes people very rich b it relies on large financial investments c it is only possible in the retail industry d it requires creativity and ambition

Before setting your prices, it's wise to a. subtract your profit margin from your costs. b. research industry standards. c. memorize the formula for cost plus. d. ignore your competitors' prices.