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Read each of the following transactions.Determine the accounts to be debited and credited.
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps,Capital
Brandon Phipps,Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense
Issued a check to a creditor
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost per unit than competitors.
Opportunity Cost
The consequence in terms of lost benefits from not selecting the immediate next preferable option when making a choice.
Productivity
The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.
Terms of Trade
The ratio at which a country's exports are exchanged for imports, influencing the level of a country's economic health and prosperity.
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