Use the Five Transactions for Hennigan Company Described Below to Answer

question 134

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 15 transaction, Hennigan will record which of the following in its accounting records?

• A) a credit in Accounts Payable for $150.
• B) a credit in Accounts Receivable for $150.
• C) a debit in Accounts Payable for $150.
• D) a debit in Accounts Receivable for $150.

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Definitions:

Methadone

A synthetic opioid used as a pain reliever and as part of drug addiction detoxification and maintenance programs.

LSD

Lysergic acid diethylamide, a powerful psychoactive drug known for its psychological effects, which can include altered thinking processes and visual hallucinations.

Hypnagogic Hallucination

Vivid sensory experiences that occur during the transition from wakefulness to sleep, often involving visual, auditory, or tactile sensations.

Hypnopompic Image

Visual, auditory, or sensory hallucinations that occur upon waking, often innocent but sometimes startling experiences.