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Use the figure below to answer the following questions.
Figure 26.3.2
-Refer to Figure 26.3.2. Consider statements (1) and (2) and select the correct answer. (1) The economy of Mythlo is experiencing an above full-employment equilibrium.
(2) SAS will automatically shift rightward as the economy adjusts to long-run equilibrium.
Control Account
An account in the general ledger that summarizes and checks the accuracy of individual records in subsidiary ledgers.
General Ledger
A comprehensive set of accounts that records all transactions of a business, providing the foundation for financial statements.
General Ledger
The main accounting record of a company which uses double-entry bookkeeping, consisting of all balance sheet and income statement accounts.
Sales Journal
A specific type of journal used to record the sales of goods or services on credit.
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