Soledad Corporation Had $36,000 of Raw Materials on Hand on December

question 27

Multiple Choice

Soledad Corporation had $36,000 of raw materials on hand on December 1. During the month, the Corporation purchased an additional $71,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

• A)credit to Raw Materials of $71,000
• B)debit to Raw Materials of $71,000
• C)credit to Raw Materials of $107,000
• D)debit to Raw Materials of $107,000

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Definitions:

Human Capital

The knowledge and skills that make a person productive.

Aggregate Demand

Aggregate demand represents the total demand for all goods and services within a country's economy at a given overall price level and in a given time period.

Production Possibilities Curve

A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.

Foreign Aid

Economic, technical, or military assistance given by one country to another for purposes of relief and redevelopment, economic stabilisation, or mutual defense.