Beetles Inc $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$

question 142

Multiple Choice

Beetles Inc. recorded the following journal entry on March 2, 2014: $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$ From the journal entry above, identify the transaction on March 2, 2014.

• A) Beetles purchased goods worth $5,000 and signed a one-year note for the same.
• B) Beetles sold goods for $5,000 cash.
• C) Beetles received $5,000 for services to be performed in a later period.
• D) Beetles paid $5,000 for services to be received at a later date.

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Definitions:

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Workforce

The collective group of individuals engaged in or available for work, either in a specific region or sector or within a particular organization.

Utilitarian

An ethical theory that emphasizes the greatest good for the greatest number of people as the measure of right and wrong.

Law and Ethics

The study and application of legal principles and moral standards in professional and personal contexts.