Office Supplies Had a Normal Starting Balance of $75

question 116

Multiple Choice

Office Supplies had a normal starting balance of $75. There were debit postings of $90 and credit postings of $70 during the month. The ending balance is

• A) $55 debit.
• B) $55 credit.
• C) $95 debit.
• D) $95 credit.

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Definitions:

Pure Market System

is an economic model where prices for goods and services are determined by open market and consumers, without government intervention.

Limited Choice

The situation in which individuals or groups have restricted options and alternatives to choose from in making decisions or in selecting products/services.

Government Intervention

Actions taken by a government to influence or directly manage an economy or specific industries, often to correct market failures or promote social welfare.

Economic Systems

The structured and organized ways societies allocate resources, produce goods and services, and distribute wealth among their populations.