Use the Following Graph to Answer the Next Questions

question 49

Multiple Choice

Use the following graph to answer the next questions:

-If this is a trading open) economy, quantity demanded of cars in thousands) will be

• A) 20.
• B) 40.
• C) 60.
• D) 80.
• E) 100.

Grasp the implications and application of credit terms in sales transactions.

Identify the accounting treatment for sales tax payable and the importance of sales tax in financial transactions.

Understand the procedures for handling and recording merchandise returns from customers.

Recognize different types of accounts and their normal balances as they relate to the sales cycle, including liability, contra-asset, and contra-revenue accounts.

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