A Company Did Not Record the Receipt and Payment of an Utility

question 22

Multiple Choice

A company did not record the receipt and payment of an utility bill for $2,500.Is the trial balance out of balance?

• A)No.
• B)Yes,by $2,500.
• C)Yes,by $5,000.
• D)Yes,by an indeterminate amount.

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Definitions:

Free Market Capitalism

Free Market Capitalism is an economic system characterized by private ownership of resources and businesses, where the prices of goods and services are determined in a free price system set by supply and demand.

Natural Force

These are elements of nature that can have profound effects on human activities and the environment, such as earthquakes, hurricanes, or solar radiation.

Social Responsibility

The obligation of individuals, organizations, and businesses to act for the benefit of society at large, focusing on ethical behavior and societal well-being.

Government Contract

A legally binding agreement between a business and a government agency to provide goods or services in exchange for payment.