At the Time of Payment, What Journal Entry Is Required

question 67

Multiple Choice

At the time of payment, what journal entry is required to record a petty cash disbursement for postage?

• A)Debit Postage Expense, credit Petty Cash.
• B)Debit Postage Expense, credit Cash.
• C)Debit Petty Cash, credit Cash.
• D)No journal entry is required.

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Definitions:

Demand for Land

The desire or need by individuals or businesses to purchase or lease land for various uses such as agriculture, commercial, or residential purposes.

Supply of Land

The total land area that is available for a particular use, such as agriculture, industry, or housing, which is often fixed and inelastic in the short term.

MRP Curve

The marginal revenue product curve, illustrating the additional revenue generated from employing one more unit of a factor of production.

Firms' Demand

The quantity of goods or services that businesses are willing and able to purchase at a given price level, often influenced by factors like price changes, consumer preferences, and market trends.