If a Two-Column

question 39

Essay

If a two-column
(all-purpose) general journal, a purchases journal, and a cash payments journal are used, indicate the journal in which each of the following transactions should be recorded:
(a)Payment of rent
(b)Purchase of supplies on account
(c)Purchase of computer on account
(d)Purchase of supplies for cash
(e)Advance payment of a one-year fire insurance policy on the office
(f)Adjustment to record accrued salaries at the end of the period
(g)Adjustment to record depreciation at the end of the month
(h)Payment of an account payable

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Definitions:

Marginal Revenue Curve

A graphical representation showing the additional revenue a firm can earn by selling one more unit of a good or service.

Marginal Profit

The additional profit earned from selling one more unit of a product or service.

Marginal Revenue

The incremental profit made from the sale of an additional unit of a good or service.

Marginal Cost

The increment in overall expenses due to the output of one more unit of a product or service.