Use the Five Transactions for Hennigan Company Described Below to Answer

question 133

Multiple Choice

Use the five transactions for Hennigan Company described below to answer the question(s) that follow(s) . Dec 1 Hennigan purchases two new saws on credit at $\$ 375$ each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days.
8 Hennigan accepts advance deposits for to ol Company of $\$ 75$ .
15 Hennigan receives a bill from Farmer's Electric Company for $\$ 150$ . Payment is due in 30 days.
20 Customers are charged $\$ 750$ by Hennigan for tool Company. Payment is due from the customers in 30 days.
31 Hennigan receives $\$ 500$ in payments from the customers that were billed for Company on December 20.
-Refer to the transactions for Hennigan Rentals. Based on the October 31 transaction, Hennigan will record which of the following in its accounting records?

• A) a credit in Accounts Payable for $500.
• B) a credit in Accounts Receivable for $500.
• C) a debit in Accounts Payable for $500.
• D) a debit in Accounts Receivable for $500.

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Definitions:

Labor Cooperation

The collaboration between workers, unions, and sometimes employers to achieve common goals, such as improving working conditions or productivity.

Social Dumping

The practice of companies moving production to countries with lower labor standards or costs, often leading to job loss and reduced labor conditions in the originating country.

Labor Cooperation

The collaboration between workers, unions, and sometimes employers, to achieve shared goals, improve working conditions, and enhance productivity.

U.S. Companies

Corporations, businesses, or enterprises that are founded, headquartered, or primarily operate in the United States.