The Necessary Adjustment to Hubbard Transport's Accounting Records as of August

question 46

Multiple Choice

The necessary adjustment to Hubbard Transport's accounting records as of August 31 includes a net:

• A) Increase to Cash of $5,241.
• B) Increase to Cash of $3,240.
• C) Increase to Cash of $3,681.
• D) Decrease to Cash of $35.

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Definitions:

Output

The total amount of goods or services produced by a company or country, usually measured over a specific period of time.

Total Revenue

The full amount of financial receipts a corporation garners from transactions or services provided in a specific time frame.

Marginal Revenue

The additional income that is gained from selling one more unit of a good or service.

Non-discriminating Monopolist

A monopolist that charges all consumers the same price for its product.