Need help for Accounting of the followings:

1) Torria wants to open a hair salon.

a. List 2 possible sources of revenue the business may have.

b. List 5 possible expenses the business may have.

2) Mykeda wants to open an electronic store selling Apple products.

a. Other than selling electronics, name one other source of revenue for the business

b. List 4 expenses the business may have

3) The following transactions are recorded in the books of Cato’s Electronics. Draw up T. Accounts for the following transactions

a. Jan 1. 2020 – Started business with $5000 cash

b. Jan 2. – Deposited $2,500 from cash, to the business bank account

c. Jan 3. – Paid for a Radio Advertisement - $500 by cheque

d. Jan 4. – Paid Rent $800 by cheque

e. Jan 5. – Bought $4,000 worth of stock on credit from Apple Inc

f. Jan 6. – Paid $1,000 cash to Customs in order to clear the stock from the port

g. Jan 7. – Sold goods $1,500 cashing

Complete all of them questions because I'm getting headaches! If you don't know then don't write nothing unnecessarily thank you!

1. Torria wants to open hair salon

a. 2 possible sources of revenue that her business may have are: the first source is from providing hair-care services like cutting, washing or dyeing; the second one is from selling hair care products.

b. 5 possible expenses the business may have:

- The first one is from the salon facility (furniture, decoration with chairs, sofa, mirrors, etc.) that is in the initial investment of Torria.

- The second is from hair care products Torria buys to serve customers (example: shampoo, essential oil, foam, etc.)

- The third one is monthly expense on electricity and water bill.

- The fourth one is salary for staffs in the salon.

- The final expense is additional costs such as running promotion, advertisements, etc.

2. Mykeda wants to open an electronic store selling Apple products.

a. Other source of revenue for Mykeda's business other than electronic products is the warranty service. Mykeda can offer the service of fixing, repairing electronic products and earn from that.

b. 4 expense the business may face are: (1) inputting Apple products; (2) investment in interior, table, chair, equipment, etc.; (3) electricity and water use; (4) staff's salary

3. Draw up T. Accounts

a. Started business with $5000 cash - Debit

(There is a decrease in Cato's account when there is a withdrawal of cash and payment for starting business)

b. Deposited $2,500 from cash to the bank account - Credit

(The account sees an increase by $2,500)

c. Paid $500 for Radio - Debit

(The accounts see a decrease by $500)

d. Paid $800 for rent - Debit

(The accounts see a decrease by $800)

e. Bought $4,000 stock on credit - Credit

(According to accounting rules, an increase in stock is noted as credit)

f. Sold goods $1,500 - Credit

(The account sees the turnover of Cota by $1,500).

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerpublish a notice of the proposed rulemaking proceeding in the federal register;