Journalize the above transactions that should be recorded in the general journal.If a transaction should not be recorded in the general journal,identify the special journal that should be used.Assume the company uses the perpetual inventory system.
Definitions:
Demand Curve
An illustrated chart depicting the correlation between a good or service's price and the amount consumers want to buy during a certain period.
Marginal Revenue
The additional income that a firm receives from selling one more unit of a good or service.
Average Revenue
The average amount of money received by a firm per unit of output sold, calculated by dividing the total revenue by the number of units sold.
Marginal Cost
The uptick in price resulting from the manufacture of an extra unit of a good or service.
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