In the Following General Journal Transaction, to What Do the Numbers

question 51

Multiple Choice

In the following General Journal transaction, to what do the numbers 101 and 301 refer?

• A) General Ledger account numbers
• B) Transaction numbers
• C) Employee numbers
• D) General journal numbers

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Definitions:

Price-Inelastic

Describes a situation where the demand for a good or service does not significantly change with a change in its price.

Dollar Expenditures

The amount of money spent on purchasing goods and services, often measured in U.S. dollars for international comparisons or analyses.

Illegal Drugs

Substances whose manufacture, possession, or use is prohibited by law due to their potential for abuse or harm.

Price-Inelastic

Referring to a market situation where demand or supply is not sensitive to price changes.