The Balance in Unearned Revenues Prior to Adjustment Was $3,150

question 29

Multiple Choice

The balance in Unearned Revenues prior to adjustment was $3,150. If the amount still unearned as of the end of the period is $1,700, the adjusting entry needed would be to:

• A)debit Cash, $3,150; credit Unearned Service Revenue, $3,150.
• B)debit Unearned Service Revenue, $1,700; credit Service Revenue, $1,700.
• C)debit Unearned Service Revenue, $1,450; credit Service Revenue, $1,450.
• D)debit Service Revenue, $1,450; credit Unearned Service Revenue, $1,450.

Explain the processes and considerations in company mergers and their legal implications.

Understand the application of international doctrines and exemptions under U.S. antitrust laws.

Assess the exemptions under the Clayton Act and other related antitrust statutes.

Analyze the application of antitrust laws to patent licensing and the arguments surrounding lawful and unlawful pricing practices.

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Definitions:

Substitutable

Describes goods or services that can serve as replacements for each other, fulfilling similar needs or desires for consumers.

Unit-elastic

Unit-elastic refers to a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Elasticity

A measure of the responsiveness of demand or supply to changes in price, income, or other economic factors.