Answer:
A)
1. Dr Cash 400
Cr Equipment 400
Dre Wages expense 400
Cr Cash 400
2. Dr Service revenue 550
Cr Cash 550
Dr Cash 5,500
Cr Service revenue 5,500
3. Dr Accounts payable 260
Cr Equipment 260
Dr Equipment 620
Cr Accounts payable 620
B)
1. Dr Wages expense 400
Cr Equipment 400
2. Dr Cash 4,950
Cr Service revenue 4,950
3. Dr Equipment 360
Cr Accounts payable 360
Answer: In January, when the products are delivered.
Answer:
Both countries can benefit from trade through specialization.
Explanation:
Specialization refers to the situation when an individual, organization or country focuses on available resources and instead of producing a lot of products, they produce what they may need.
A country achieves specialization by producing a greater quantity of the goods it can produce at lower opportunity cost.
Through specialization, both countries involved in trade can produce well in a larger quantities than they need to consume. They trade the excess goods and are able to consume at a point beyond their production possibility curve.
The correct answer on Gradpoint is a government employee
