The Fast Forward Company balance sheet shows cash $5,000, accounts receivable $7,000, office equipment $3,000, and accounts payable $4,000. What is the amount of equity?

Select one:

a. $1,000.

b. $15,000.

c. $19,000.

d. $12,000.

e. $11,000.

Manira Kaur, the owner of the bookstore, applied for $10,000, government grant. What is correct journal entry:

Select one:

a. debit Account Receivable; credit Grant Payable

b. debit Cash; credit Account Payable

c. debit Cash; credit Grant

d. nothing to record

e. debit Grant; credit Revenue

On January 5, 2020, Salt Company purchased an insurance policy that covers 6 months and costs $6.000. What is the journal entry to record the purchase of the insurance policy:

Select one:

a. debit Prepaid Insurance; credit Cash

b. debit Insurance; credit Account Payable

c. debit Insurance; credit Cash

d. nothing to record

e. debit Prepaid Insurance; credit Account Payable