The Beginning Balance in the Equipment Account Was $4,000

question 115

Multiple Choice

The beginning balance in the Equipment account was $4,000. The company purchased an additional $1,000 worth of Equipment. The ending balance in the account is:

• A) debit of $3,000.
• B) credit of $4,000.
• C) debit of $5,000.
• D) credit of $3,000.

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Definitions:

Groupthink

A psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Self-Censorship

The act of censoring or classifying one's own discourse, often out of fear of social, economic, or legal repercussions.

Vulnerability

The quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally.

Self-Serving Bias

The common tendency to attribute our successes to personal characteristics and our failures to factors beyond our control.