Exhibit 2-1
All nine transactions for Ralston Sports Co. for September 2011, the first month of operations, are recorded in the following T accounts:
Refer to Exhibit 2-1. Prepare a trial balance, listing the accounts in their proper order.
Definitions:
Cost Function
A mathematical expression that describes how the costs incurred by a firm or individual vary with the level of activity or output.
Market Demand
The total quantity of a good or service that all consumers in a market are willing to purchase at different prices.
Cartel
An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
Demand Curve
A visual illustration that shows how the amount of a product consumers want to buy varies with changes in its price.
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