The Credit Recorded in the Journal to Replenish the Petty

question 159

Multiple Choice

The credit recorded in the journal to replenish the petty cash fund is to

• A) Cash.
• B) Petty Cash.
• C) Accounts Receivable.
• D) Accounts Payable.

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Definitions:

Profit-maximizing

The process by which a firm determines the price and output level that generates the most profit.

MR

Marginal Revenue, which is the extra revenue that an organization receives from selling one more unit of a product.

Nominal Wage Rate

The amount of money paid per hour, day, or other unit of work, without adjusting for inflation.

Profit-maximizing

The method or approach of modifying production and sales to maximize profits.