Hamilton Lawn Service Incurred $500 Labor Expense and Promised to Pay

question 7

Multiple Choice

Hamilton Lawn Service incurred $500 labor expense and promised to pay the labor agency within 30 days.Which account increased?

• A) Accounts receivable
• B) Cash
• C) Accounts payable
• D) Owner's capital

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Definitions:

Resources

This term refers to assets, materials, and components that can be used to produce goods and services.

Productive Inputs

Resources used in the production of goods and services, including labor, capital, and raw materials.

Outward Shift

A movement of the supply or demand curve to the right, indicating an increase in supply or demand.

Resources Efficiently

The effective and optimal usage of resources to maximize productivity and minimize waste.