The Accounts of Local Company at May 31,2015 Are as Follows

question 73

Multiple Choice

The accounts of Local Company at May 31,2015 are as follows: What are the first four lines,in proper order,on the trial balance at May 31,2015?

• A)Accounts Payable,Accounts Receivable,Cash,Common Stock
• B)Sales Revenue,Salary Expense,Insurance Expense,Supplies
• C)Cash,Accounts Receivable,Supplies,Accounts Payable
• D)Accounts Payable,Notes Payable,Common Stock,Retained Earnings

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Definitions:

Liable

The state of being legally responsible for something, especially in the context of debts or legal judgments.

Warn Consumers

The act of informing consumers about potential risks, hazards, or defects associated with a product or service.

Foreseeable Misuse

The misuse of a product or service in a manner that could reasonably be predicted by the manufacturer or provider, potentially leading to harm or liability.

Limit Liability

means to legally restrict the amount of money a person or organization can be responsible for paying in the case of a lawsuit or debt.