Required:

Using the Chart of Accounts Provided, Indicate by |

question 99

Essay

$$\begin{array} { | l | l | l | l | } \hline 1100 & \text { Cash } & 2170 & \text { Property taxes payable } \\\hline 1120 & \text { Short-term investments } & 2180 & \text { Rent payable } \\\hline 1130 & \text { Notes receivable } & 2200 & \text { Long-term notes payable } \\\hline 1140 & \text { Accounts receivable } & 3100 & \text { Common stock } \\\hline 1145 & \text { Loan receivable } & 3200 & \text { Retained earnings } \\\hline 1150 & \text { Interest receivable } & 5000 & \text { Sales revenue } \\\hline 1160 & \text { Other accrued receivables } & 5300 & \text { Interest revenue } \\\hline 1200 & \text { Inventory } & 6000 & \text { Cost of goods sold } \\\hline 1250 & \text { Supplies } & 6200 & \text { Advertising expense } \\\hline 1260 & \text { Prepaid expenses } & 6210 & \text { Miscellaneous expense } \\\hline 1320 & \text { Buildings and equipment (B\&E) } & 6220 & \text { Depreciation expense } \\\hline 1325 & \text { Accumulated depreciation-B\&E } & 6230 & \text { Insurance expense } \\\hline 2110 & \text { Short-term notes payable } & 6240 & \text { Property tax expense } \\\hline 2120 & \text { Interest payable } & 6250 & \text { Rent expense } \\\hline 2130 & \text { Accounts payable } & 6260 & \text { Supplies expense } \\\hline 2140 & \text { Deferred revenue } & 6270 & \text { Salaries and wages expense } \\\hline 2150 & \text { Salaries and wages payable } & 6400 & \text { Interest expense } \\\hline 2160 & \text { Dividends payable } & 6999 & \text { Income summary account } \\\hline\end{array}$$
Required:

Using the chart of accounts provided, indicate by account number the account or accounts that would be debited and credited in the following transactions. Also enter the number 1, 2, or 3 to indicate the type of transaction as: (1) an external transaction, (2) an internal transaction recorded as an adjusting journal entry, or (3) a closing entry. The company uses a perpetual inventory system. All prepayments are initially recorded in permanent accounts

-Accrued the interest recognized but not collected on notes receivable.

Examine how advertisers influence demand elasticity and consumer perception.

Determine the effects of elasticity on total revenue when prices are raised or lowered.

Understand the role of elasticity in tax burden distribution between consumers and producers.

Assess the period-specific elasticity of demand in the short run and long run.

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Definitions:

Institutional Variables

Factors associated with the structure, policies, and culture of organizations and institutions that can influence individuals' behaviors and outcomes.

Demographic Variables

Characteristics of populations, such as age, gender, income, education level, that are used in social science research to categorize and analyze data.

Payment Requesting

The process of asking for payment for goods or services rendered, typically through invoicing or billing.

Collection Agency

An organization employed by creditors to collect funds that are past due or accounts deemed to be in default.