On July 1 Olive Co

question 380

Multiple Choice

On July 1 Olive Co.paid $7,500 cash for management services to be performed over a two-year period.Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment.On July 1 Olive should record:

• A)A debit to an expense and credit to a prepaid expense for $7,500.
• B)A debit to an expense and credit to Cash for $7,500.
• C)A debit to a prepaid expense and a credit to Cash for $7,500.
• D)A credit to a prepaid expense and a debit to Cash for $7,500.
• E)A debit to Cash for $7,500 and a credit to an expense for $7,500.

Recognize the applicability and scope of the Uniform Commercial Code (UCC) and the Common Law in contract governance.

Assess the enforceability of contracts involving minors, illegal terms, or where a party lacks merchant status under the UCC.

Identify the mechanisms through which the law aims to ensure fairness and good faith in contract dealings.

Understand the basic structure and functions of biological membranes.

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Definitions:

Inhibitory Generalization Gradient

A graph showing the level of generalization from an inhibitory conditioned stimulus (CS1) to other stimuli.

Excitatory Generalization Gradient

The phenomenon in which the response to a stimulus spreads to similar stimuli, reflecting the degree of stimulus similarity.

Stimulus Contrast

The change in response strength or rate to a stimulus when the background or context stimuli are altered.

Stimulus Generalization

The process in psychology where a response that has been conditioned to a specific stimulus is also elicited by similar stimuli.