B - The wealth of nations
in this book he explains his theories about the invisible hand and free market economies
<u>Solution and Explanation:</u>
The following journal entries will be passed at the end of December month:
Number Account details and explanation debit credit
1. Utility expense 600
Accounts payable 600
(To record the accrued utility exxpense)
2. Salaries and wages expense 3000
(10 * 3 days * $100)
Salaries and wages payable 3000
(To record salaries and wages expense )
3. Interest receivable ( $1200 divide by 12) 100
Interest revenue 100
( To record the interest revenue)
Anything called money will be "scarce" since for people to ascribe value to the money and make it worth of attainment, it can't be easily found. Otherwise everyone would have lots of money and its value would plummet.