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hoa [83]
3 years ago
7

This 18th century economist coined the term "invisible hand," a metaphor representing the natural forces that drive individuals

to succeed economically, which are the same forces that "invisibly" guide a large economy.this 18th century economist coined the term "invisible hand," a metaphor representing the natural forces that drive individuals to succeed economically, which are the same forces that "invisibly" guide a large economy.
Business
1 answer:
ipn [44]3 years ago
8 0
This 18th-century economist is Adam Smith who is hailed the Father of Economics. In his 1776 book  "An Inquiry Into the Nature and Causes of the Wealth of Nations" Smith argues that society benefits in a free economy in which individuals are motivated by their own self-interest which unintentionally benefits society as a whole. Smith's aim using the term moreover was to attack the mercantilist system which was prevalent during his time. 
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Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t
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Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

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Non-compete

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