On August 31, 2013, Peter Services Received $3,500 in Advance

question 17

Multiple Choice

On August 31, 2013, Peter Services received $3,500 in advance from a customer. Which of the following would be the journal entry to record the receipt of cash?

• A)debit Unearned Revenue $3,500 and credit Cash $3,500
• B)debit Cash $3,500 and credit Service Revenue $3,500
• C)debit Unearned Revenue $3,500 and credit Service Revenue $3,500
• D)debit Cash $3,500 and credit Unearned Revenue $3,500

Understand the impact of externalities on market efficiency and socially optimal levels of production and consumption.

Identify the concepts of marginal private cost, marginal external cost, and marginal social cost.

Analyze the effects of pollution on long-run industry dynamics and market inefficiencies.

Recognize negative externalities in various contexts and their implications for social welfare.

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Definitions:

Exorcism

The practice, common in early societies, of treating abnormality by coaxing evil spirits to leave the person’s body.

Demonology

The study of demons or beliefs about demons, often within the context of religion, mythology, or the occult.

Middle Ages

A period in European history from the 5th to the late 15th century, marked by feudalism, the spread of Christianity, and the rule of the Holy Roman Empire.

Scientific Investigation

A systematic process of inquiry and experimentation used to explore observations and answer questions about the physical and natural world.