Suppose You Are Having a Party with 31 Guests and Want

question 142

Multiple Choice

Suppose you are having a party with 31 guests and want to have a champagne toast. If you pour 3-oz portions to each guest, how many mL of champagne will you need to purchase? Assume that you can purchase the champagne in 1mL increments.

• A) 307 mL
• B) 2,767 mL
• C) 3 mL
• D) 3,126 mL
• E) 2,767,076 mL

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Definitions:

Debits

Entries on the left side of an account ledger, indicating an increase in assets or decrease in liabilities and equity.

Credits

Entries in accounting that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts, reflecting a gain in financial statements.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each with a unique identifier.

Journal Entry

A record in accounting that represents a transaction in the general ledger, where each transaction is recorded with both a debit and a credit.