Prepare the journal entry for the following transaction:
On June 12,the business paid $4,500 for the following expenses: employee salary,$3,000;utilities,$1,000,and repairs,$500.
Definitions:
Interest Rate
The percentage of a sum of money charged for its use, often expressed as an annual percentage.
Say's Law
A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.
Consumption
The action or process of using goods and services for personal needs or desires, typically considered as a component of GDP.
Keynes
Refers to John Maynard Keynes, a British economist whose theories on government economic intervention to mitigate the adverse effects of recessions and depressions significantly influenced modern macroeconomics.
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