Answer:
Explanation:
1. 28/11 Debit: Bank. $4,500
Credit: deferred Rev $4,500
Being advance pmt for services
2. 01/12 Debit: advert exp $900
Debit: Ad Prepaym. $1,800
Credit: Bank. $2,700
Being payment for advert
3. 31/12 Debit: Salary payable$8000
Credit: Salary Exp. $8000
Being Accrued salaries
4 31/08 Debit: Bank. $70,000
Credit: Loan A/c. $70,000
Being bank loan borrowed
5. 31/12 Debit: into on loan $2,100
Credit: Bank. $2,100
Being accrued interest on loan borrowed.
Answer:
The correct answer is option a.
Explanation:
Price elasticity of demand measures the change in the quantity demanded of a commodity due to the change in its price.
The change in quantity demanded and price level affects the total revenue as the total revenue is the product of price and quantity demanded.
So when the price is elastic then a change in the price level will cause a greater change in quantity demanded and thus in revenue. Similarly, when demand is inelastic a change in the price level will cause a smaller change in quantity demanded and thus revenue.
Answer:
Debit Accounts Receivable—Valley Spa $10,438 Credit Interest Revenue $238
Credit Notes Receivable $10,200.
Explanation:
Preparation of the the journal entry to record the dishonored note
Debit Accounts Receivable—Valley Spa $10,438
($10,200+$238)
credit Interest Revenue $238
($10,200 x 14% x 60/ 360)
Credit Notes Receivable $10,200
(To record the dishonored note)
Answer: Option (B) is correct.
Explanation:
Correct option: product differentiation.
In a monopolistic competitive market, there are large number of sellers which are producing similar products or close substitute but the products are different enough that the demand curve for each firm is downward sloping.
The firms in a monopolistic competitive market have zero economic profit in the long run because of the less restrictions on the entry and exit of the firms.
