A number of unrelated transactions recorded by Abba Company are as follows: 
Instructions
For each of the above situations, identify the accounting assumption, concept, constraint, or recognition criteria that have been violated. Prepare the correct journal entry as it should have been made. If no entry should have been made, or if additional financial statement disclosure is required, explain.
Definitions:
Elastic Demand
A situation where the quantity demanded of a product changes significantly in response to a change in price.
Substitutes
Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.
Available
Referring to resources or goods that are obtainable and can be utilized.
Perfectly Price Elastic
This refers to a situation where the demand for a product or service changes infinitely with a very small change in price.
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