Reference: Ref 4-8 (Figure: Demand, Supply Shifts) in the Figure

question 47

Multiple Choice

Reference: Ref 4-8 (Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D1 and the initial supply curve is S1. Suppose this depicts the market for corn. How does the market change when flooding in Iowa destroys a significant amount of the corn crop.

• A) S1 will shift to S2.
• B) D1 will shift to D2.
• C) S1 will shift to S3.
• D) There will be no change in supply or demand in the market for corn.

Comprehend the role of the double-entry system in maintaining the accounting equation's balance.

Understand how transactions are recorded in journals and ledgers, and the importance of consistency in account titles.

Distinguish between the process of journalizing and posting.

Comprehend the role of retained earnings in the trial balance and how it represents the beginning period balance.