Amazing Grapes Wine Store Paid Utilities and Recorded the Economic

question 114

Multiple Choice

Amazing Grapes wine store paid utilities and recorded the economic event in the general journal. When posting the related journal entries to the ledger, an impacted account or accounts would include ________.

• A) Retained Earnings
• B) Accounts Payable
• C) Utilities Expense
• D) Both B and C

---

Definitions:

Government Borrowing

The process by which a government obtains funds from external sources, such as issuing bonds, to finance its expenditures that exceed its income.

Beta

A measure of a security’s or portfolio's volatility in relation to the overall market.

Fed Funds Rate

The interest rate at which depository institutions lend reserve balances to other depository institutions overnight, set by the Federal Reserve.

NAICS Code

A classification system used in North America to categorize businesses into industries based on their economic activities.