On May 31,a Retail Firm Pays Rent of $2700 for the Month

question 153

Multiple Choice

On May 31,a retail firm pays rent of $2700 for the month of May.When this transaction is recorded in the cash payments journal,________.

• A)assets and equity will increase by $2700
• B)assets and liabilities will decrease by $2700
• C)assets and equity will decrease by $2700
• D)liabilities and equity will increase by $2700

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Definitions:

Autonomy

The capacity to make an informed, uncoerced decision; in psychology, it refers to the sense of self-directedness and independence.

Basic Trust

A concept introduced by Erik Erikson referring to an essential trustfulness of others as well as a fundamental sense of one's own trustworthiness, developed in infancy.

Initiative

Initiative pertains to the willingness to take the first step or action in a course of actions, often indicative of leadership or creativity.

Myers-Briggs Type Indicator

A personality assessment tool that categorizes individuals into 16 distinct personality types based on preferences in four dimensions: extraversion vs. introversion, sensing vs. intuition, thinking vs. feeling, and judging vs. perceiving.