Consider the Following Transactions: I

question 3

Multiple Choice

Consider the following transactions: I. Borrowed cash on a note payable, $80,000
II. Provided services on account, $10,000
III. Received cash from a customer as payment on account, $8,000
IV. Received a utility bill, $1,200
Total liabilities would be:

• A)$1,200.
• B)$81,200.
• C)$98,000.
• D)$80,000.

---

Definitions:

Self Competency

The ability to understand and manage one's own skills, emotions, and behaviors effectively.

Arab Countries

Arab countries are nations in the Middle East and Africa that are part of the Arab League, sharing historical, cultural, and linguistic ties predominantly centered around Arabic.

Pollyanna Principle

The tendency for people to remember pleasant items more accurately than unpleasant ones, reflecting an optimism bias in human memory.

Pleasant Events

Activities or experiences that are enjoyable and contribute to an individual's well-being and happiness.