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David Roberts Is a Real Estate Appraiser

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Essay

David Roberts is a real estate appraiser.Shown below are (a)several accounts in his ledger with each account preceded by an identification number and (b)several transactions completed by Roberts.Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
$\begin{array}{|l|l|l|l|}\hline1 . & \text { Accounts Payable } & 8 . & \text { Office Supplies Expense } \\\hline 2 . & \text { Accounts Receivable } & 9 . & \text { Prepaid Insurance } \\\hline 3 . & \text { Appraisal Fees Earned } & 10 . & \text { Salaries Expense } \\\hline 4 . & \text { Cash } & 11 . & \text { Telephone Expense } \\\hline 5 . & \text { Insurance Expense } & 12 . & \text { Unearned Appraisal Fees } \\\hline 6 . & \text { Office Equipment } & 13 . & \text { Common Stock } \\\hline 7 . & \text { Office Supplies } & 14 . & \text { Dividends }\\\hline\end{array}$
$David Roberts is a real estate appraiser.Shown below are (a)several accounts in his ledger with each account preceded by an identification number and (b)several transactions completed by Roberts.Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction. \begin{array}{|l|l|l|l|} \hline1 . & \text { Accounts Payable } & 8 . & \text { Office Supplies Expense } \\ \hline 2 . & \text { Accounts Receivable } & 9 . & \text { Prepaid Insurance } \\ \hline 3 . & \text { Appraisal Fees Earned } & 10 . & \text { Salaries Expense } \\ \hline 4 . & \text { Cash } & 11 . & \text { Telephone Expense } \\ \hline 5 . & \text { Insurance Expense } & 12 . & \text { Unearned Appraisal Fees } \\ \hline 6 . & \text { Office Equipment } & 13 . & \text { Common Stock } \\ \hline 7 . & \text { Office Supplies } & 14 . & \text { Dividends }\\ \hline \end{array}$

Definitions:

Price Ceiling

A legal maximum price set by the government for certain goods or services, intended to prevent prices from becoming too high.

Tariff

A tax imposed by a government on imported or, less commonly, exported goods to protect domestic industries or to generate revenue.

Quantity Control

Measures implemented to regulate the amount of a particular good that is produced, sold, or consumed, often to stabilize markets.

Deadweight Loss

A reduction in economic effectiveness arising when a good or service does not reach or cannot reach its equilibrium state.