State Whether the Normal Balance of Each of the Following

question 198

Essay

State whether the normal balance of each of the following accounts is a debit or credit.
$$\begin{array} { | l | l | } \hline \text { Account } & \text { Normal Balance } \\\hline \text { Martin, Capital } & \\\hline \text { Accounts Receivable } & \\\hline \text { Salaries Expense } & \\\hline \text { Unearned Revenue } & \\\hline\end{array}$$

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Definitions:

Output

The quantity of goods or services produced within a given time period by a firm, sector, or economy.

U-Shaped Marginal Cost

A graphical representation of the cost incurred to produce one more unit of a good, which decreases at first due to increasing returns but eventually increases due to decreasing returns.

Profit-Maximizing Output

The quantity of output at which a firm achieves the maximum possible profit, determined where marginal revenue equals marginal cost.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.