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marshall27 [118]
3 years ago
9

Paul's Landscaping purchased $500 of office supplies on credit. The company's policy is to initially record prepaid and unearned

items in balance sheet accounts. Which of the following general journal entries will Paul's Landscaping make to record this transaction?
(A) Debit Office supplies expense, $500; credit Cash, $500.
(B) Debit Cash, $500; credit Office supplies, $500
(C) Debit Office supplies, $500; credit Accounts payable, $500
(D) Debit Office supplies, $500; credit Cash, $500
(E) Debit Accounts payable, $500; credit Office supplies, $500
Business
1 answer:
sattari [20]3 years ago
6 0

Answer:

(C) Debit Office supplies, $500; credit Accounts payable, $500

Explanation:

Businesses maintain the office supplies inventory of supplies and record the supplies purchased into this account and expense it afterward with the usage of inventory. In this question offices supplies purchased will be debited to office supplies account. As it is purchased on account so it will be credited to account payable account to make a liability against the transaction.

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Perishability.

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The local furniture store will purchase outdoor furniture only during the winter months because the manufacturer offers a better
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The correct answer is: seasonal discount.

Explanation:

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A nondiscriminating monopolist:
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Monopolists do not prefer to produce in the when the demand for a good produced by them is inelastic. Option B is the correct answer.

  • It is common to observe that monopolists, avoid engaging production when the demand for their product becomes inelastic.
  • In order to understand this situation, it is important to address the meaning of inelastic demand.
  • The term 'inelastic demand' refers to a situation where the demand for a product does not increase/decrease (change) when there is an increase/decrease (change) in its price.
  • This does not lead to profits for a monopolist.
  • It is because, a firm will be able to secure profits by producing lower amounts of goods for a higher price when the demand is elastic.
  • Hence, when the demand is inelastic, the increase in the quantity will be sold at the previous standard price, leading to a fall in terms of the total revenue.

Therefore, it is clear that a monopolist will not produce when the demand for a good is inelastic.

Learn more about Demand Elasticity here:

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