Review the Transactions Below and Identify with an "X" Those

question 214

Essay

Review the transactions below and identify with an "X" those that would be posted as a credit in the ledger (The first one has been done for you):
__X_1.Salary Payable was increased.
____ 2.Cash was decreased
____ 3.Equipment was increased
____ 4.Common Stock was increased
____ 5.Salaries Expense was increased
____ 6.Accounts Receivable was decreased
____ 7.Unearned Revenue was increased
____ 8.Dividends was increased
____ 9.Supplies was increased
____ 10.Building was increased
____ 11.Utilities Expense was increased
____ 12.Service Revenue was increased

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Definitions:

Short Run

A period in economic analysis during which at least one input, such as plant size or capital, is fixed, limiting the ability to adjust to demand changes.

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to changes in the economic environment.

Specialization

The process of focusing effort and resources on a limited number of activities, goods, or services to gain a comparative advantage in production.

Decreasing Returns To Scale

Long-run average total cost increases as output increases (also known as diseconomies of scale).