On September 1, Lazy A, Inc

question 14

Multiple Choice

On September 1, Lazy A, Inc. paid $2,200 for a one year insurance policy. The journal entry to record this transaction is:

---

Definitions:

Quota

A government-imposed trade restriction limiting the number or monetary value of goods that can be imported or exported.

Nations Trade

The exchange of goods, services, and capital between countries, driven by comparative advantages and specialization.

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of classical liberalism and his witty criticisms of protectionism.

Trade Protectionism

Government policies designed to restrict international trade to protect domestic industries from foreign competition.