When a Company Receives an Electric Bill but Does Not

question 187

Multiple Choice

When a company receives an electric bill but does not pay it right away,what is the required journal entry to be recorded?

• A) Utilities Expense - Debit; Accounts Receivable - Credit
• B) No entry is required until the bill is paid.
• C) Utilities Expense - Debit; Accounts Payable - Credit
• D) Accounts Payable - Debit; Utilities Expense - Credit

Recognize the factors causing inflation (cost-push and demand-pull).

Gain knowledge about historical inflation trends and their causes.

Differentiate between the effects of inflation on different economic agents (borrowers, lenders, workers, etc.).

Understand the impact of aggregate demand and supply shifts on price levels and inflation.