Journalize the Following Entries for September 30

question 85

Essay

Journalize the following entries for September 30. Explanations are not required.
a. Expired prepaid rent for the year was $3,400.
b. Supplies used during the year were $1,022.

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Definitions:

Third-Degree Price Discrimination

A pricing strategy where different prices are charged to different customer groups based on their elasticity of demand.

First-Degree Price Discrimination

A pricing strategy where a seller charges the maximum price that each consumer is willing to pay, capturing the entire consumer surplus.

Monopolist

An entity or person that has exclusive control over the supply of a particular good or service in the market, potentially influencing prices and availability.

Greater Profits

Increased financial gains achieved by a business, indicating higher revenue over costs compared to a previous period or benchmark.