A good or service is said to be highly elastic if there is a a slight change in price this will cause a sharp change in the quantity. Usually these kinds of products are readily available in the market - example is jewelry. lottery ticket.
Answer:
Debit Credit
Trade payable $300
Cash $300
Explanation:
First we have to reverse the wrong journal entry which has been made by the inexperienced bookkeeper in the Adams Company accounts:
Debit Credit
Trade payable $300
Cash $300
Now we have to record the correct journal entry in the accounts of Adam Company in respect of account settlement with supplier which is given as follow:
Debit Credit
Trade payable $300
Cash $300
Answer:
e. other insurance clause.
Explanation:
The other insurance clause is found in both property and liability insurance. This clause determines how loss is divided up when multiple policies cover the same loss.
Answer: Other Engineers
Explanation:
Richard can be sued by motorist in the event of the collapse of the road which he supervised construction, and the case would be considered with the already established engineering standards. The engineer standard directs that during construction or fabrication in engineering, the engineer should give little or no allowance for failure, because failure can lead to serious injuries or loss of life.
Answer:
cash 967,707 debit
premium on BP 67,707 credit
Bnds Payable 900,000 credit
interest expense 58062.42 debit
premium on BP 437.58 debit
cash 58500 credit
Explanation:
procceds 967,707
face value 900,000
premium on bonds payable 67,707
<em><u>first interest payment</u></em>
carrying value x market rate
967,707 x 0.06 = 58062.42
then cash outlay
face valeu x bond rate
900,000 x 0.065 = 58,500
the difference will be the amortization
