Which of the Following Describes the Class of Transactions Associated

question 55

Multiple Choice

Which of the following describes the class of transactions associated with payroll?

• A)posting costs of purchasing inventory
• B)payment of employee services
• C)payment of withholding taxes and benefits
• D)writing off damaged inventory dropped by employees

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Definitions:

Credit

A financial arrangement where goods, services, or money is received in exchange for a promise to pay back later, often with interest.

"Dr"

An abbreviation for "debit record," indicating an entry on the left side of an account, representing an increase in assets or expenses.

Stockholders' Equity

Shareholders' equity in a corporation, which is the value of the assets that remains once all debts and obligations are deducted.

Revenues

The overall income received from selling products or services, which are essential to a firm's primary business.