Answer:
c. debit to Interest Expense of $1,000.
Explanation:
The adjusting entry is as follows:
Interest expense Dr ($50,000 × 6% × 4 months ÷ 12 months) $1,000
To Interest payable $1,000
(Being the interest expense is recorded)
Here interest expense is debited as it increased the expense and credited the interest payable as it also increased the liabilities
Therefore the correct option is c.
Answer:
measures the value that a buyer places on a good.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.
Willingness to pay measures the value that a buyer places on a good or product. Thus, when this value is high, the customer would ultimately buy a product and vice-versa.
Answer: The creation of a government set price for gasoline by ni government.
Explanation:
In 1970 president Nixon inteoduced a soft artificial price ceiling on gasoline in the United States. This was as a result of the OPEC crisis of 1970s. It is a good example of scenerios where the cost of government action outweighs the benefits. this was due to the creation of the government-set price which would cause the quantity demanded to be more than the quantity supplied because gasoline was cheaper now.
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