The Payment of a Utility Bill (Like Electricity)for the Month

question 89

Multiple Choice

The payment of a utility bill (like electricity) for the month would include

• A) debiting Capital and crediting Accounts Payable.
• B) debiting Cash and crediting Utilities Expense.
• C) debiting Utilities Expense and crediting Accounts Payable.
• D) debiting Utilities Expense and crediting Cash.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Surplus

A situation where the quantity supplied exceeds the quantity demanded, or when revenues exceed expenses.

Easily Stored

Refers to items or data that can be kept or archived with minimal effort or resources.

Current Supply

The total amount of a particular good or service available to consumers at the current time.