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Journalize the entries to record the following:
June 1 Established a petty cash fund of $200.
30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20.
Journal
Price Elastic
Price elasticity refers to the degree to which the quantity demanded of a good or service changes in response to a change in its price.
Availability of Substitutes
The presence of alternative products or services that can satisfy the same needs or wants as the original product.
Own Price Elasticity
Measures the responsiveness of the quantity demanded of a good to a change in its own price.
Anne's Apple Pies
A fictional or specific business entity known for producing or selling apple pies.
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