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Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an adjusting entry.1. Cash2. Prepaid Expenses3. Depreciation Expense4. Accounts Payable5. Accumulated Depreciation6. Equipment
Surplus
The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.
Price Floor
A minimum price set by the government for certain goods and services, intended to ensure fair conditions for producers.
Shortage
A situation where demand exceeds supply, often leading to rising prices and unmet consumer needs.
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