In the First Month of Operations for Pendleton Industries the Total

question 111

Multiple Choice

In the first month of operations for Pendleton Industries the total of the debit entries to the cash account amounted to $33000 ($13000 investment by the owner and revenues of $20000) . The total of the credit entries to the cash account amounted to $21000 (purchase of equipment $8000 and payment of expenses $13000) . At the end of the month the cash account has a(n)

• A) $5000 credit balance.
• B) $5000 debit balance.
• C) $12000 debit balance.
• D) $12000 credit balance.

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Definitions:

Massive Drop

A significant, sudden decrease in numbers or quantity, often used to describe declines in financial markets, population, or levels of something.

Mugging

A form of street crime where an attacker forcibly steals personal property from a victim in a public place.

Auto Theft

The illegal act of stealing or attempting to steal a motor vehicle.

Shoplifting

The act of stealing merchandise from a retail establishment without paying for it.