: Explain the following with examples in context of financial accounting

a)Types of Business

b)Receipt & Invoice

c)Current & Fixed assets

d)Current and long-term liabilities

2 Make journal entries for the following transactions,

a)Mr. Ali started business with $ 50,000 (bank)

b)He purchased building for $ 10,000.

c)He purchased furniture for office $ 2,000.

d)He paid salary $ 1,000 from the business bank account.

e)He has received telephone bill $600 but not paid yet.