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:

Extinct

A term used to describe a species that no longer exists anywhere on Earth.

North America

A continent in the Northern Hemisphere and almost entirely within the Western Hemisphere, including countries such as the USA, Canada, and Mexico.

Height

The measurement of an individual from the foot to the top of the head when standing upright.

Ethnicity

This term, rooted in the Greek word ethnikos ("nation") and related to ethnos ("custom"), is the expression for the set of cultural ideas held by an ethnic group.