The Following Is a Series of Accounts for the Sprinkler

question 73

Essay

The following is a series of accounts for the Sprinkler Blowout Company,listed alphabetically and numbered for identification.Following the accounts is a series of transactions.For each transaction,indicate the account(s)that should be debited and credited by entering the appropriate account number(s)to the right of each transaction.If no journal entry is needed,write none after the transaction.
$\begin{array}{llrl} \text { Acct. \# }&\text { Account Title }&\text { Acct. \# }&\text { Account Title }\\\hline& \text { Accounts payable } & 9 & \text { Land } \\2 & \text { Accounts receivable } & 10 & \text { Note payable } \\3 & \text { Advertising expense } & 11 & \text { Prepaid insurance } \\4 & \text { Building } & 12 & \text { Service revenue } \\5 & \text { Cash } & 13 & \text { Supplies } \\6 & \text { Contributed capital } & 14 & \text { Supplies expense } \\7 & \text { Income taxes payable } & 15 & \text { Wages expense } \\8 & \text { Insurance expense } & 16 & \text { Wages payable }\end{array}$ $$\begin{array} { | l | l | l| } \hline { \text { Transactions } } & \text { Debit } & \text { Credit } \\\hline \text { A. Performed services for customers this month for cash. } & & \\\hline \text { B. Purchased on credit but did not use supplies this month. } & & \\\hline \text { C. Purchased a building, paying part cash and signing a note for the } & & \\\text { rest. } & & \\\hline \text { D. Paid insurance premium for coverage beginning next month. } & & \\\hline \text { E. Booked blowouts to be done next month; didn't collect cash. } & & \\\hline\end{array}$$

Explain the mechanisms that move an economy from short-run to long-run equilibrium.

Identify and describe the characteristics of expansionary and recessionary gaps.

Analyze the effects of shifts in aggregate demand and aggregate supply on economic equilibrium.

Explain the role of expectations in influencing the economy's adjustment process.

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Definitions:

Two-Factor Theories

Psychological theories that propose two distinct factors contribute to the emotional and psychological experience, often used in contexts like motivation and emotion.

James-Lange Theory

A theory proposing that emotions result from physical reactions to stimuli before they are experienced.

Body's Arousal

The state of being physiologically alert, awake, and attentive, often as a response to external stimuli or excitement.

Physiological Differences

Variations in the biological functions or structures among individuals or groups.