Answer:
The given statement is false.
Explanation:
A decrease in the market demand will cause the demand curve to shift to the right. While a decrease in the supply will cause the supply curve to shift to the left.
The market equilibrium price is determined by the intersection of demand and supply. The price, as a result, will increase. The extent of increase in price depends on the magnitudes of change in demand and supply.
The change in equilibrium quantity, however, in this case, is unpredictable without knowing the extent of changes in demand and supply.
Answer:
July 15
Dr Cash $24,960
Cr Sales $24,000
Cr Sales Taxes Payable $960
Dr Cost of Goods Sold $12,000
Cr Merchandise Inventory $12,000
On August 1
Dr Sales Taxes Payable $960
Cr Cash $960
On November 3
Dr Cash $720
Cr Unearned Ticket Revenue $720
On November 20
Dr Unearned Ticket Revenue $120
Cr Ticket Revenue $120
Explanation:
Preparation of the journal entries
July 15
Dr Cash $24,960
($24,000+$960)
Cr Sales $24,000
Cr Sales Taxes Payable $960
($24,000*4%)
Dr Cost of Goods Sold $12,000
Cr Merchandise Inventory $12,000
On August 1
Dr Sales Taxes Payable $960
Cr Cash $960
($24,000*4%)
On November 3
Dr Cash $720
Cr Unearned Ticket Revenue $720
On November 20
Dr Unearned Ticket Revenue $120
Cr Ticket Revenue $120
(1/6*$720)
It's a special privilege (<span>freedom or immunity)</span> granted to an individual or a group.
Hope this helps !
Photon