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3 years ago

What is an economic system? Give two examples.

Business

2 answers:

Alexeev081 [22]3 years ago

8 0

Answer:

An economic good is a physical object or service that has value and can be sold; some examples include bananas, toys, haircuts, and cars. Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including labor.

Explanation:

Anit [1.1K]3 years ago

6 0

Answer:

<h2>there are many economic system used throug the world.some example are socilaism,communism,and cappitism the United States has capitlastic system</h2><h2> $mark \: me \: brailest$ </h2>

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Read 2 more answers

On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala

Deffense [45]

Answer:

Dr Allowances for sales returns $600

Cr Sales refund payable $600

Being increase sales refund estimate

Explanation:

The sales refund account is liability account that should naturally have a credit balance.

In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.

The necessary entries required for the sales refund payable is shown below:

Dr Allowances for sales returns $600

Cr Sales refund payable $600

Being increase sales refund estimate

There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.

When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account

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3 years ago