A Debit Memo

question 1

Multiple Choice

A debit memo:

• A)reduces the amount of accounts payable due to a vendor.
• B)reduces accounts payable when payment is made.
• C)is used by vendors to record cash payments received.
• D)authorizes a debit to purchases when goods are received.

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Definitions:

Equilibrium

A situation in a market where demand equals supply, and there is no tendency for the quantities supplied and demanded to change.

Market

The institution through which buyers and sellers interact and engage in exchange.

S And D

Stands for Supply and Demand, which are the forces that determine the price of goods and services in a marketplace.

CD-Rom Drives

Hardware devices used for reading data stored on CD-ROMs, typically used for distributing software and storing media in the past.