A Business Received the Utility Bill for $525,and Immediately Paid

question 64

Multiple Choice

A business received the utility bill for $525,and immediately paid it.What journal entry is prepared?

• A)Debit Accounts Payable for $525 and credit Cash for $525.
• B)Debit Utilities Payable for $525 and credit Cash for $525.
• C)Debit Utilities Expense for $525 and credit Cash for $525.
• D)Debit Operating Expense for $525 and credit Accounts Payable for $525.

Identify and differentiate between operating, investing, and financing activities in the statement of cash flows.

Recognize and describe noncash transactions that are omitted from the statement of cash flows and understand where they are disclosed.

Understand the effects of inventory changes on cash flow.

Grasp the impact of accounts payable and receivable changes on the statement of cash flows.

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Definitions:

Moral Development

The process through which individuals develop proper attitudes and behaviors toward other people in society, based on social and cultural norms, laws, and personal beliefs.

Death Penalty

A legal punishment where an individual is executed by the state as retribution for a crime deemed sufficiently severe.

Morality

A system of beliefs, values, and principles that guides and determines acceptable behavior in society.

Cultural Relativism

People look to societal norms for what is morally right and wrong.