The idea that "the invisible hand" of competition sets prices and determines quantities produced in a market economy was the principal idea of B.) ADAM SMITH.
Invisible hand is said to be the metaphor Adam Smith used in referring to unintended social benefits that resulted from individual's actions.
Answer: Vertical integration
Explanation:
vertical integration is simply a situation whereby an organization's or company's supply chain is owned by that organization or company.
Therefore, being less dependent on suppliers and making profits on both parts and the final product are advantages of vertical integration.
Answer: Please find answer in the explanation column
Explanation: A bank Reconciliation statement is one that shows a record ensuring a company's bank financial records corresponds with its financial book records and adjust any discrepancies found.
Bank reconciliation for the Wright company as of May 31st
Ending balance according to Bank statement $27,200
Add:
Deposit made $6,900
Bank error $470
$34,570
Deduct:
Outstanding checks ($6,300)
Adjusted bank balance $28,270
Ending balance according to Book statement $28,900
Add:
Deduct:
Bank Service Charge ($170)
NSF check ($460)
Adjusted book balance $28,270
Explanation:
The journal entry is shown below:
Cost of goods sold Dr $1,400
To Merchandise inventory $1,400
(Being the inventory shrinkage is recorded)
It is computed below:
= $43,000 - $41,600
= $1,400
For recording this given journal entry, we debited the cost of goods sold and credited the merchandise inventory.
