Wallace Repair Company Incurred $1,500 as a Labor Expense and Promised

question 4

Multiple Choice

Wallace Repair Company incurred $1,500 as a labor expense and promised to pay the labor agency within 30 days.Which of the following will decrease as a result of this transaction?

• A)Assets
• B)Owner's equity
• C)Liabilities
• D)Revenues

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Definitions:

ILO

The International Labour Organization is an agency of the United Nations that establishes global labor standards and advocates for workplace rights.

World Trade Organization

An international organization founded in 1995 designed to supervise and liberalize world trade by providing a forum for negotiations and dispute resolution.

Global Trade Agreements

Treaties or agreements between countries that facilitate trade and economic cooperation on a global scale.

Toxic Materials

Substances that are harmful or deadly to living organisms when introduced or absorbed.