Answer: "The rise in the price of a pair of running shoes will increase the supply of running shoes".
This statement is <u><em> false</em></u> because <em><u>a decrease in demand for running shoes does not increase the price of a pair of running shoes and an increase in the price of a pair of running shoes does not increase the supply of running shoes. </u></em>
This occurs as the price of a pair of running shoes increases,therefore decreasing the demand and thus the supply will not increase.
Answer:
A.
Notes Payable 200,000
Interest Payable 7,000
Cash 207,000
Explanation:
The Journal entry is shown below:-
Notes payable Dr, $200,000
Interest payable Dr, $7,000
To Cash $207,000
(Being pay off the note and interest at maturity is recorded)
Therefore for recording the pay off the note and interest at maturity we simply debited the notes payable and interest payable as it decreases the liability and we credited the cash as it also decreasing the assets.
