Solution-Identify the entities that were mentioned in the

Identify the entities that were mentioned in the scenario

Reference no: EM13536120

Identifying the reporting entities

Carlos Bueso recently started a business. During the first few days of operation, Mr. Bueso transferred $30,000 from his personal account into a business account for a company he named Bueso Enterprises. Bueso Enterprises borrowed $40,000 from the State Bank of Texas. Mr. Bueso's father-in-law, James Bright, invested $64,000 into the business for which he received a 25 percent ownership interest. Bueso Enterprises purchased a building from Leigh Realty Company. The building cost $120,000 cash. Bueso Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense.

Required

Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.

Reference no: EM13536120

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Identify the entities that were mentioned in the scenario

Reference no: EM13536120

Reference no: EM13536120

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