A Receptionist Worked One Month and Was Paid $3,800 on the Last

question 186

Multiple Choice

A receptionist worked one month and was paid $3,800 on the last day of the month.How does this transaction affect the accounting equation?

• A)Add $3,800 to Cash and add $3,800 to Accounts Payable.
• B)Add $3,800 to Accounts Receivable and subtract $3,800 from Cash.
• C)Add $3,800 to Salary Expense and subtract $3,800 from Retained Earnings.
• D)Subtract $3,800 from Cash and subtract $3,800 from Retained Earnings.

Explain the significance of assumptions in accounting such as the going concern assumption, the monetary unit assumption, and the economic entity assumption.

Understand the concept of revenues and how they affect equity.

Identify the obligations of a business and how they are represented in accounting.

Understand the basic financial statements and their purposes.

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Definitions:

Transfer

The act of moving something from one place, person, or ownership to another.

Socialization Agent

Entities or individuals that play significant roles in the enculturation and social development of members of society, influencing norms, values, and behaviors.

Adult Peer Groups

Social groups consisting of individuals of approximately the same age, sharing similar interests or social positions.

Mass Media

Forms of communication that reach large audiences simultaneously, like newspapers, television, and the internet.