Problem: Your friend, Don Jones, has begun his new small business as a sole proprietorship. Comment on his choice. Is a sole proprietorship the best choice for this business? Why/Why not? What are the alternatives for Don? How does the business ownership type affect the accounting for the business?
Explain the steps in the accounting cycle.
You need to determine what the best choice is for Don. You need to describe each of the three types of businesses and should include advantages and disadvantages in your argument. Be sure that your argument is valid. You also need to comment on at least two postings.