Use the Following Five Transactions for Monaco & Associates, Inc

question 192

Multiple Choice

Use the following five transactions for Monaco & Associates, Inc.to answer the question(s) . $$\begin{array}{lll}october&1&\text { Bills are sent to clients for services provided in September in the amount of \$ 800 .}\\&9&\text { Dravo Co. delivers office fumiture (\$ 1,060) and office supplies (\$ 160) to }\\&&\text { Monaco leaving an invoice for \$ 1,220 .}\\&15&\text { Payment is made to Dravo Co. for the furniture and office supplies delivered }\\&&\text { on October 9.}\\&23&\text { A bill for \$ 430 for electricity for the month of September is received and will }\\&&\text { be paid on its due date in November.}\\&31&\text { Salaries of \$ 850 are paid to employees.}\\\end{array}$$
-See the transactions to Monaco & Associates. The journal entry to record the October 31 transaction will include a credit to

• A) Salaries Expense
• B) Salaries Payable
• C) Prepaid Salaries
• D) Cash

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Definitions:

Import Quota

A government-imposed limit on the quantity or value of goods that can be imported into a country.

U.S. Imports

Goods and services purchased by residents of the United States from foreign firms and brought into the U.S.

U.S. Exports

Goods, services, and capital sent from the United States to other countries.

Government Budget Deficit

Occurs when a government's expenditures exceed its revenues within a specific fiscal period, requiring borrowing to finance the gap.