Answer:
The government agency is providing basic and/or essential services that further deepen the interests of members of the public
Explanation:
The assertion that a firm with a monopoly power loses it freedom of contract is very true. Monopolies by its realities come with features that ultimately cater for the interests of the firm, instead of the consumers. One of these is charging an astronomical high price on a particular item of commodity, and not taking cognizance of the purchasing power of the public. A firm could to this, and ultimately get away because its the only delivering such services - the one with the enormous monopoly power. Here, there is no stiff competition among goods that may offer liberty of choices to ordinary consumers.
To mitigate these numerous power of monopolies, governmental body has been giving the power to regulate and maintain an oversight functions. They now determine the provisions of contracts. The main objective of government agency, thus, is to ensure a firm with a monopoly power considers the basic and essential interests of the members of the public - the end users. Here, members of the public are insulated from unnecesary exploitation by the monopolies.
Answer: Please see explanation for answer
Explanation:
Journal entry to record sale of bonds
Account titles Debit Credit
Cash $50,000,000
Bonds Payable $50,000,000
Answer:
Adjusting Entry
Cost of goods sold (Dr.) $11,000
Beginning Inventory (Cr.) $6,000
Purchases (Cr.) $5,000
Closing Entry
Ending Inventory (Dr.) $2,000
Income Summary (Cr.) $2,000
Explanation:
The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.
The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.
Answer:
Dr. Cr.
July 19
Cash $792
Discount expense $8
Account Receivable $800
Explanation:
The term 1/15, n/30 mean there is a discount of 1% is available on the sales value, if payment is made within 15 days of sale with credit term of 30 days.
The sale of $900 was made on July 10 and discount period is until July 25.
On July 12 goods amounting $100 was returned and now the amount due from the customer is $800 ( $900 - $100 ).
The payment made on July 19 is actually in the discount period and it is eligible for the discount as it is made before July 25.
Discount = Amount due x Discount rate
Discount = $800 x 1% = $8
$792 Cash received against the sale made on July 10 and discount $8 is expensed. Total of $800 is credited from the account receivable account to eliminate it.
