Answer:
Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
so yes the answer is true
Explanation:
(つ◕౪◕)つ━☆ﾟ.*･｡ﾟ
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Not guarantee that resources will be allocated efficiently nor that there will be equality.
Answer:
The solution is given in the table file attached below
Explanation:
Answer:
<u>Journal 1</u>
Debit : Prepaid Expense $37,600
Credit : Cash $18,800
Credit : Insurance Expense $18,800
<u>Journal 2</u>
Debit : Dividends $18,000
Credit : Wages $18,000
Explanation:
Journal 1
The first error has to be corrected by debiting the Prepaid Expenses by twice the amount paid to cancel the effect of a credit entry made to that account. Cash is credited to show the correct credit entry that was supposed to be made. Insurance expense is credited to cancel the debit entry made to this account in error.
Journal 2
The error made is called error of principle. This is were the transaction is recorded in the wrong class of accounts. Simply, Debit the Dividends and credit the Wages Account to record and reverse the error out of the Wages Account into the Dividends Account.
