Use the Following to Answer Questions

question 14

Multiple Choice

Use the following to answer questions :
-(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. If the supply curve for good Z is linear, it can be expressed as:

• A)Q_s = 3P.
• B)Q_s = 50 - 2P.
• C)Q_s = 100 - 2P.
• D)Q_s = Q_d

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Definitions:

Adjusting Entries

Adjustments in accounting records at the end of a period to correctly distribute incomes and costs to the period they pertain to.

Prepaid Rent

Payments made in advance for rent, recorded as an asset on the balance sheet until it is consumed over time and moved to expense.

Prepaid Expenses

Payments made in advance for goods or services, which are recorded as an asset until they are consumed or used.

Accrued Revenues

Income earned but not yet received, representing goods or services that have been delivered but payment has not been collected.