For Each Transaction Provided, Choose the Appropriate Account from the List

question 43

Multiple Choice

For each transaction provided, choose the appropriate account from the list that would receive a debit entry as a result of the transaction. (Choices may be used more than once.)
-paying salaries to employees

• A)Cash
• B)Accounts Receivable
• C)Supplies
• D)Prepaid Insurance
• E)Land
• F)Equipment
• G)Accounts Payable
• H)Unearned Revenues
• I)Notes Payable
• J)Common Shares
• K)Retained Earnings
• L)Service Revenue
• M)Salary Expense
• N)Insurance Expense
• O)Utilities Expense
• P)Dividends

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Definitions:

Effective Delegation

The skill of assigning responsibility and authority to others while maintaining overall accountability for the outcomes.

Successful Leader

An individual who achieves desired outcomes by effectively guiding or influencing the actions and beliefs of others.

Conceptual Skill

The ability to understand complex concepts and to see how they interrelate, enabling effective problem-solving and decision-making.

Abstract Thinking

The cognitive ability to understand concepts that are not grounded in physical reality, allowing for problem-solving and creativity.