The Following Transaction Has Been Recorded in the General Journal

question 95

Multiple Choice

The following transaction has been recorded in the general journal entry: Which of the following could be an explanation for this transaction?

• A)Provided services on account.
• B)Paid cash to settle accounts payable.
• C)Collected cash from customers.
• D)Borrowed money to support operating activities.

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Definitions:

Manager-Managed

A structure typically used in limited liability companies (LLCs) where the management is officially assigned to one or more managers rather than being directed by all members.

Joint Venture

A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Test-Market

A process used by companies to evaluate the viability of a new product or service in a limited geographic area before a wide-scale launch.

Duration

The length of time something lasts or continues.