Answer:
Explanation:
a. 2019
Dec 31 sales ($1,800,00 x 1.5%) 27,000
Customer Refunds Payable 27,000
31 Estimated Returns Inventory 16,000
Cost of Merchandise Sold 16,000
b 2020
Feb 3 Customer Refunds Payable 5,000
Cash 5,000
3 Merchandise Inventory 3,100
Estimated Returns Inventory 3,100
Answer:
A
Explanation:
That is most likely but it is steriotypical
If people refused to use banks to create checkable deposits, the banking system would not be able to create new money.
Checkable deposits include all accounts on which checks can be drawn. These deposits allow the owner of bank account to write checks to third parties. Also, they are very liquid assets that allow depositors to have an easy access to their funds.
For these reason, checkable deposits generally are important but also one of the lowest-cost source of bank funds, covering a large share of bank liabilities. Thus, banks create money by lending excess reserves to consumers and businesses.
Hence, if people refused to use banks to create checkable deposits, the money multiplier decreases.
To learn more about Checkable deposits here:
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The price of the item is $100. They are doubling the price.