16. When Magic Johaness receives the payment from the Customer: He would make the following entries: a. Debit Cash $15,000; Credit Accounts Receivable $14, 250 and Agents Income $750.

b. Debit Cash $14,250; Debit Agents Income $750; Credit Accounts Receivable $15,000.

c. Debit Accounts receivable $15,000; Debit Agents Income $750 and Accounts Payable $14,250

d. All of the above.

e. None of the above.

17. T, F. A corporations article of incorporation will usually include the names of the incorporators, addresses of the corporation, and the types of shares to be issued but excludes the names of initial subscribers.

18. T, F. A public corporation is one that is owned or operated by a government.

19. T, F. A privately held corporation is privately owned and may be nonstick company organized for nonprofit activity.

20. T, F. An open corporation is one whose stock is publicly traded.

21. T, F. A closed corporation does not sold to the general public and the stock is usually half by a few people.