Select the Entry That Correctly Records the Purchase by Speedy

question 24

Multiple Choice

Select the entry that correctly records the purchase by Speedy Window Cleaning of 15 months worth of cleaning supplies from Southern Cleaning. The purchase is for cash and the invoiced amount is $1500. Ignore GST.

• A) Debit cleaning supplies expense $1500; credit equity $1500
• B) Debit bank $1500; credit cleaning supplies asset $1500
• C) Debit cleaning supplies asset $1500; credit bank $1500
• D) Debit bank $1500; credit cleaning supplies expense $1500

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Definitions:

Marginal Social Benefit

The additional benefit to society as a whole from the production or consumption of one more unit of a good or service.

Security Guard

A person employed to protect property, assets, or individuals, often through surveillance, patrolling, and enforcing safety protocols.

Public Safety

The protection of citizens from significant danger, injury, damage, or harm, provided by governmental organizations and agencies.

Efficient Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, leading to an optimal allocation of resources.