Use This Information to Answer the Following Question

question 155

Multiple Choice

Use this information to answer the following question. The following totals for the month of July were taken from the payroll register of Greene Company:
The journal entry to record the monthly payroll on July 31 would include a

• A) debit to Salaries Expense for $24,000.
• B) debit to Salaries Payable for $24,000.
• C) credit to Salaries Payable for $24,000.
• D) debit to Salaries Expense for $17,000.

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Definitions:

Indifference Curves

Graphical representations in economics that show different combinations of two goods that provide equal satisfaction and utility to a consumer.

Consumption Choice

The decision made by consumers on how to allocate their income among various goods and services to maximize their utility.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using an additional unit of a product or service.

Utility Maximization

Utility maximization is a principle in economics that suggests consumers aim to get the greatest satisfaction possible from their disposable income, choosing the mix of goods and services that maximizes their utility.