Miley Block Is a Building Consultant

question 104

Short Answer

Miley Block is a building consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number, and (b) several transactions completed by Block. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
$\begin{array}{llll}\text { 1. } & \text { Accounts Payable } & 7 . & \text { Telephone Expense } \\\text { 2. } & \text { Accounts Receivable } & 8 . & \text { Unearned Revenue } \\\text { 3. } & \text { Cash } & 9 . & \text { Common Stock } \\\text { 4. } & \text { Consulting Fees Earned } & \text { 10. } & \text { Dividends } \\\text { 5. } & \text { Office Supplies } & \text { 11. } & \text { Insurance Expense } \\6 . & \text { Office Supplies Expense } & 12 . & \text { Prepaid Insurance }\end{array}$

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Definitions:

Tax Burden

The measure of the total taxes paid by an individual, corporation, or another entity relative to its income, assets, or consumption levels.

Elastic

A characteristic of a good or service that indicates a greater than proportional change in quantity demanded or supplied in response to price changes.

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.