Edison Consulting Received a $300 Utilities Bill and Immediately Paid

question 237

Multiple Choice

Edison Consulting received a $300 utilities bill and immediately paid it.Edison's general journal entry to record this transaction will include a:

• A)Debit to Utilities Expense for $300.
• B)Credit to Accounts Payable for $300.
• C)Debit to Cash for $300.
• D)Credit to Utilities Expense for $300.
• E)Debit to Accounts Payable for $300.

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Definitions:

Purely Competitive Seller

A market participant who has no control over the price of the product it sells because the market sets the price through supply and demand.

Total Cost

The sum of fixed and variable costs used in producing goods or services.

Product Price

The amount of money charged for a good or service, determined by various factors including production costs, market demand, and competition.

Marginal Cost

The elevation in aggregate expenditure associated with creating an additional unit of a product or service.