On May 31,a Retail Firm Pays Rent of $1,600 for the Month

question 87

Multiple Choice

On May 31,a retail firm pays rent of $1,600 for the month of May.When this transaction is recorded in the cash payments journal,________.

• A)assets and equity will increase by $1,600
• B)assets and liabilities will decrease by $1,600
• C)assets and equity will decrease by $1,600
• D)liabilities and equity will increase by $1,600

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Definitions:

Personal Banker

A bank employee who provides financial advice, manages accounts, and offers banking services to individual clients.

Government Agency

An organization part of the government tasked with enforcing specific laws, regulating industries, or providing government services.

Service Continuum

The range of services offered by a company, from purely physical products to purely service offerings.

Government-sponsored Services

Services provided by the government to its citizens, including education, healthcare, and public transportation.