The Journal Entry Needed to Record the Receipt of a Factory

question 326

Multiple Choice

The journal entry needed to record the receipt of a factory utility bill would include a

• A)debit to Manufacturing Overhead account.
• B)credit to Manufacturing Overhead account.
• C)debit to Accounts Payable account.
• D)debit to Utilities Payable account.

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Definitions:

Karl Marx

A 19th-century philosopher, economist, and political theorist, best known for his critical analysis of capitalism and his influence on the development of socialism and communism.

Scientific Socialist

An individual who advocates for socialism using scientific analysis of society and economy, typically associated with the approaches of Karl Marx and Friedrich Engels.

Utopian Socialist

Refers to early social theorists and thinkers who envisioned ideal societies with perfect equality and social justice, without the class divisions that characterized the industrial society of their time.

Etienne Cabet

A French philosopher and socialist who advocated for communal living and is known for his utopian novel "Voyage to Icaria."