Answer:
debit Supplies Expense; credit Supplies
Explanation:
Create your journal entry to adjust the account balance. Debit the supplies expense account for the cost of the supplies used. Balance the entry by crediting your supplies account.
Answer:
Opportunity cost are experienced whenever choices are made
Explanation:
Scarce resources means the shortage or unavailability of resources required for production of goods and services . In fact economists believe that all resources are scarce because of the limit to the availability of factors of production involved in the production.
To manage scarcity , economist came up with the principle of opportunity cost.
Opportunity cost is the cost of the alternative forgone while making a choice.
This means that as a man may not be able to meet up with all his needs due to scarcity of resources , he will need to select the ones that are of utmost importance and forgo the other needs on the list , whichis the opportunity cost of the transaction.
Answer:
d. Sales in Dollars February = $180353
Explanation:
The new Sales or the sales budgeted for January will be 3% higher than that for December. If December sales were of 10000 units, then the January sales will be of 10000 * 103% = 10300 units.
The budgeted sales for February will be 103% of January sales.
Budgeted sales- Feb = 10300 * 103% = 10609 units
The selling price is assumed to stay constant at $17 per stapler.
Sales in Dollar-February = 10609 * 17 = $180353
Answer:
4 apples
Explanation:
Given that
Point A = 50 apples and 40 pears
Point B = 46 apples and 41 pears
These points are located on the PPF at which various combinations of products are displayed by available resources and technologies.
So, the opportunity cost of moving from Point A to Point B would be 4 apples which is shown below:
= Point A apples - Point B apples
= 50 apples - 46 apples
= 4 apples