In the First Month of Operations for Widget Industries, the Total

question 177

Multiple Choice

In the first month of operations for Widget Industries, the total of the debit entries to the cash account amounted to $8,000 ($4,000 investment by the owner and revenues of $4,000) . The total of the credit entries to the cash account amounted to $5,000 (purchase of equipment $2,000 and payment of expenses $3,000) . At the end of the month, the cash account has a(n)

• A) $2,000 credit balance.
• B) $2,000 debit balance.
• C) $3,000 debit balance.
• D) $3,000 credit balance.

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Definitions:

Islamists

Political movements or individuals who seek to base government and society on Islamic laws and principles, often through the implementation of Sharia.

Right-To-Work Laws

Laws that prohibit union security agreements between companies and labor unions, meaning that employees are not required to join a union or pay union dues as a condition of employment.

Labor Costs

The total sum of all wages paid to employees, as well as the costs of employee benefits and payroll taxes, incurred by an employer.

American South

A geographic and cultural region in the United States, historically characterized by its distinct social, economic, and historical features, notably including the practice of slavery prior to the Civil War.