The Following Information Should Be Used for Questions

question 60

Short Answer

The following information should be used for questions
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps, Capital
Brandon Phipps, Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense

For each of the following transactions determine the accounts to be debited and credited.
-Performed services on credit

---

Definitions:

Cost Curves

Graphical representations showing the relationship between the cost of producing goods or services and the quantity produced.

Optimal Scale

The size of a company or level of production that minimizes costs and maximizes efficiency and profit.

Long-run Equilibrium

A state in which all inputs can be adjusted by firms, market supply meets demand, and no economic profit is earned by firms in a perfectly competitive market.

Long-run Equilibrium

A state in an economy or market where all factors of production and economic variables are balanced, and there are no external pressures forcing change.