The correct answer is allocates resources efficiently and allows economic freedom.
The market system of economics is one where economic decisions and the pricing of goods and services are guided solely by supply and demand and there is limited to no government interaction in the economy. Because of this, two major virtues of the market system are that it allocates resources efficiently and allows economic freedom.
Answer:
a. presentation and demonstration
Explanation:
It is correct to say that Frank is in the presentation and demonstration stage in the sales process, as the question says that he showed the customer the variety of available beds designed for children, that is, he presented the product to the customer and demonstrated that it would satisfy your needs, in this case the seller reiterates the value and benefits of the product so that there is interest on the part of the consumer in making the sale.
Answer:
Journal Entry is as follows;
June 15
<em>DR</em> Accounts Payable <u>$1,000</u>
<em>CR</em> Cash <u>$400</u>
<em>CR</em> Notes Payable <u>$600</u>
Answer:
The balance sheet category in which an entity typically would place each of the following items:
1. _Non-Current Assets_ Long-term receivables
2. _(Non-Current Assets)__ Accumulated amortization
3. __Current Liabilities__ Current maturities of long-term debt
4. Page 192_Current Liabilities_ Notes payable (short term)
Explanation:
A company's balance sheet has three main categories: assets, liabilities, and owners' equity. The assets are usually classified as Current Assets or Non-Current (long-term) Assets. On the other side of a balance sheet, there are the Liabilities and Owners' Equity. The Liabilities are classified into Current Liabilities and Non-Current Liabilities. Usually, the Owners' Equity is made up of Owners' Capital and Retained Earnings.
