These Accounts Are Among the Accounts in Barrelhouse Pub's Trial

question 34

Multiple Choice

These accounts are among the accounts in Barrelhouse Pub's trial balance: $\begin{array}{lr}\text { Cash } & \$ 13,000 \\\text { Accounts Payable } & 6,000 \\\text { Owner's Capital } & 37,000 \\\text { Owner's Drawing } & 4,000 \\\text { Food Revenue } & 70,000 \\\text { Utilities Expense } & 3,000\end{array}$ Based on these accounts only, what are the total debits in Barrelhouse Pub's trial balance?

• A) $20,000.
• B) $23,000.
• C) $53,000.
• D) $77,000.

Grasp the importance of aligning organizational strategies vertically and horizontally for effective management.

Recognize the role of structural and contextual variables in determining the most suitable managerial strategy.

Understand the factors driving a shift from one managerial strategy to another in different organizational contexts.

Understand how to manipulate defined names in Excel.

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Definitions:

Periodic Inventory System

An inventory system where updates to the inventory records are made periodically, often at the end of an accounting period, rather than after each transaction.

Cost of Goods Sold

The direct costs tied to the production of goods sold by a company, including materials and labor.

Credit Terms

Credit terms are the payment conditions set by businesses regarding when and how buyers should pay for goods or services, often specifying the period and any discount for early payment.

Early Payment Discount

An incentive offered by sellers to buyers for paying an invoice earlier than the stated due date to improve cash flow.