Define the Following Terms and Explain Their Importance to the Study

question 59

Essay

Define the following terms and explain their importance to the study of economics:
a. regressive tax
b. proportional tax
c. progressive tax
d. direct tax
e. indirect tax

Explain the effects of omitting adjusting entries on financial statements.

Prepare necessary journal entries for payroll adjustments.

Calculate and adjust for supplies and insurance expense adjustments.

Prepare and understand the adjusted trial balance.