Prepare journal entries for the following transactions for HO Train Shop applying the perpetual inventory system.Omit explanations.
Definitions:
Price Elasticity
A measure of how sensitive the quantity demanded of a good is to a change in its price.
Demand Curve
A graph representing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping, indicating an inverse relationship between price and quantity demanded.
Price-inelastic
A characteristic of a good for which demand does not change significantly when its price changes.
Total Revenue
The overall amount of money received by a company for goods sold or services provided during a certain time period.
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