Inflationary gap said to exist when ?

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the

romanna [79]

Answer:

Please see explanation.

Explanation:

1. and 2.

Type of accounts Normal balance

a. Cash asset Debit

b. Legal Expense expense Debit

c. Prepaid Insurance asset Debit

d. Land asset Debit

e. Accounts Receivable asset Debit

f. Dividends equity Debit

g. License Fee Revenue revenue Credit

h. Unearned Revenue liability Credit

i. Fees Earned revenue Credit

j. Equipment asset Debit

k. Notes Payable liability Credit

l. Common Stock equity Credit

Journal entries to increase the balance:

Dr Cr

a. Cash Cash Revenue

b. Legal Expense Legal expenses Cash

c. Prepaid Insurance Prepaid Insurance Cash

d. Land Land Cash

e. Accounts Receivable Accounts receivable Revenue

f. Dividends Retained earnings cash

g. License Fee Revenue Cash License Fee Revenue

h. Unearned Revenue Cash Unearned revenue

i. Fees Earned Cash Fees Earned

j. Equipment Equipment Cash

k. Notes Payable Cash Notes Payable

l. Common Stock Cash Common Stock

7 0

3 years ago

Give at least one example that you believe demonstrates when the cost of government actions outweighs the benefits.

Dovator [93]

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.

7 0

3 years ago

Unscheduled absenteeism has climbed to its highest levels in XYZ Company last month. Inorder to reduce the costs associated with

____ [38]

Answer:

A) integrated paid time off

Explanation:

Integrated paid time off (PTO) is a policy employed by many organizations where all paid time off benefits are combined into one, equaling a total of the paid days off for holidays, vacation, sick leave, and personal days the employee would have received in a separate paid time off system.

3 0

3 years ago

Technician a states that pinching off the flexible brake hoses with vice grip pliers is a recommended method of closing rubber b

Julli [10]

In this case, Technician B is correct.
 pinching off the flexible brake hoses with vice grip pliers will only make the draining process evven faster.
When the brake pedal is released, the spring-loaded piston assembly in the master cylinder returns to its rest position and it will push back the fluid that displaced by the pistons.

4 0

3 years ago

On the island of Mabera, the local money is called "favoli." The price of every good in Mabera is expressed as the number of fav

tatuchka [14]

Answer:

The correct option is Unit of account

Explanation:

One of the functions of money is Unit of accounts in economics. The worth of an object is measured in a distinct currency. One of the downfalls of unit of account is that it is regarded as the steady unit of account but inflation factor devastate the said assumption that money is steady. It is regarded as the basic property of the money.

Thus, the correct option will be Unit Of Account.

7 0

3 years ago

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