A Company Received a Bill of $3,500 for Utilities Used

question 5

Multiple Choice

A company received a bill of $3,500 for utilities used in the current month.The journal entry to record this event:

• A) will include a debit to Accounts Receivable for $3,500.
• B) will include a credit to Accounts Payable for $3,500.
• C) will include a credit to Utilities Expense.
• D) is not required; no journal entry should be prepared until the utilities bill is paid.

Grasp the relationship between price changes and quantity demanded through the substitution and income effects.

Comprehend the construction and interpretation of both demand and supply curves.

Recognize the effects of income changes on consumer behavior and demand for different types of goods (normal and inferior goods).

Identify and differentiate between substitute goods and complementary goods.

---

Definitions:

Depression

A common and serious medical illness that negatively affects how you feel, the way you think, and how you act, characterized by persistent sadness and a lack of interest or pleasure in previously rewarding or enjoyable activities.

Critical Incident Stress Debriefing (CISD)

A structured process for helping individuals who have experienced a traumatic event to discuss their experiences and feelings, aimed at reducing the risk of post-traumatic stress disorder.

Stress Debriefing

A process of psychological intervention shortly after a traumatic event aimed at preventing stress-related symptoms and disorders.

Irrational Beliefs

Thoughts and beliefs that are not based on reason or logical thinking, often leading to negative emotional outcomes.