The Following Are Transactions for Brian for the Month of October.Indicate

question 11

Essay

The following are transactions for Brian for the month of October.Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations).
Oct. 1 Brian invested $\$ 15,000$ in his business.
Oct. 3 Sold $\$ 2,500$ of merchandise on account to $\mathrm { H }$ . Holand, sales invoice No. 1, terms $1 / 10 , \mathrm { n } / 30$ .
Oct. 5 Sold $\$ 1,200$ of merchandise on account to T. Traer, sales invoice No. 2, terms $1 / 10 , \mathrm { n } / 30$ .
Oct. 13 Received cash from $\mathrm { H }$ . Holand in payment for October 3 transaction, less the discount.
Oct. 14 Issued credit memorandum No. 1 to $T$ . Traer for $\$ 100$ for merchandise returned from October 5 sale on account.
Oct. 15 Received cash from $\mathrm { T }$ . Traer for the amount due, less the discount.

Understand the concept of budget constraints and how changes in income and prices affect consumer choices.

Analyze how shifts and pivots in the budget constraint represent economic phenomena such as income changes, price changes, and substitution effects.

Calculate the effects of price and income changes on the quantity of goods consumed.

Distinguish between shifts and pivots of the budget constraint to represent different economic scenarios.

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