During the First Year of Wilkinson Co

question 34

Multiple Choice

During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $25,800 were purchased. Actual year-end supplies amounted to $5,600. The adjusting entry for store supplies will

• A) increase net income by $20,200.
• B) increase expenses by $20,200.
• C) decrease supplies by $5,600.
• D) debit Accounts Payable for $5,600.

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Definitions:

Psychological Payoffs

The benefits or rewards that individuals receive from their behaviors or beliefs, which can serve to reinforce these actions or views.

Bystander Effect

The phenomenon where individuals are less likely to offer help to a victim when other people are present.

Prosocial Behavior

Social behaviors that benefit other people or society as a whole, such as helping, sharing, donating, co-operating, and volunteering.

Altruism

The principle or practice of showing concern for the well-being of others, even at a personal cost.