Answer:
credited ; debited ; retained earnings or capital account
Explanation:
The closing entries are as follows
Sales Revenue A/c Dr XXXXX
To Income Summary XXXXX
(Being revenue account closed)
Income summary A/c Dr XXXXX
To Expenses A/c XXXXX
(Being expenses accounts are closed)
Income summary A/c Dr XXXXX
To Retained earning XXXXX
(Being the difference is credited to retained earning)
Answer:
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Answer:
A) production is determined by the interaction of supply and demand.
Explanation:
A pure market economy is an economy where production decisions are made by the forces of demand and supply. there is no intervention of the government in production decisions
Characteristics of a pure market economy
- Private ownership of means of production
- freedom of choice. Producers are free to produce what they desire
- competition among producers
- no government intervention.
Answer:
Find in the excel file attached detailed adjusting entries required for all transactions in the question.
Explanation:
Please note the analysis of each transaction done under the heading "particulars".
Answer:
The tax rate is the same for all income levels.
Explanation:
A proportional tax system is a tax mechanism that applies equal rates to all income brackets. This system does not segregate based on income earned. The proportional tax system is also the flat rate system.
Since the proportional tax system applies the same rate to all taxpayers, it means that the low income, middle, and high-income earners pay tax at the same rate. The proportional tax system contrasts with other methods, such as the progressive tax system that considers income levels.