A Business Makes a Cash Payment of $12 000 to an Account

question 43

Multiple Choice

A business makes a cash payment of $12 000 to an account payable. Which account is debited?

• A)Service revenue
• B)Cash
• C)Accounts receivable
• D)Accounts payable

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Definitions:

Labor Demand Curve

A graphical representation that shows the quantity of labor that employers are willing to hire at different wage rates.

Unit-elastic

A situation in which the percentage change in quantity demanded is equal to the percentage change in price, resulting in no change in total revenue.

Elasticity of Labor Demand

A measure of how the quantity of labor demanded by employers changes in response to a change in wages or salary levels.

Close Substitutes

Products or services that can easily replace each other in consumption, showing a high level of interchangeability.