Monaco & Associates
Use the Following Five Transactions for Monaco $\quad$

question 2

Multiple Choice

Monaco & Associates
Use the following five transactions for Monaco & Associates to answer the following question.
Oct. 1 $\quad$ Bills are sent to clients for services provided in September in the amount of $\$ 800$ .

9 $\quad$ Dravo Co. delivers office furniture $( \$ 1,060 )$ and office supplies $( \$ 160 )$ to Monaco leaving an invoice for $\$ 1,220$ .

15 $\quad$ Payment is made to Dravo Co. for the furniture and office supplies delivered on October 9 .

23 $\quad$ A bill for $\$ 430$ for electricity for the month of September is received and will be paid on its due date in November.

31 $\quad$ Salaries of $\$ 850$ are paid to employees.
-See the transactions for Monaco & Associates. ?
The journal entry to record the October 23 transaction will include a credit of $430 to

• A)Salaries Expense.
• B)Cash.
• C)Prepaid Expenses.
• D)Accounts Payable.

---

Definitions:

Positive Correlation

A correlation between two variables where they both change in the same way.

Direct Relationship

A relationship where one variable increases or decreases along with the other, showing a positive correlation between the two variables.

Amount

A quantity of something, typically measurable.

Time Studying

The allocation of time towards educational activities with the aim of learning and understanding new information or skills.