The Accounts of Local Company at May 31, 2017 Are

question 48

Multiple Choice

The accounts of Local Company at May 31, 2017 are as follows: What are the first four lines, in proper order, on the trial balance at May 31, 2017?

• A)Accounts Payable, Accounts Receivable, Cash, Common Stock
• B)Sales Revenue, Salary Expense, Insurance Expense, Supplies
• C)Cash, Accounts Receivable, Supplies, Accounts Payable
• D)Accounts Payable, Dividends, Common Stock, Retained Earnings

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Definitions:

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in market balance.

Fine

Fine refers to a monetary penalty imposed as punishment for an offense or violation, often used by governments or regulatory bodies to enforce laws and regulations.

Industry Demand

The total demand for products or services within a particular industry or sector.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a state of market balance.