On december 31, the following data were accumulated for preparing the adjusting entries for bellingham realty: • the supplies account balance on december 31 is $5,640, the supplies on hand on december 31 are $1,445.• the unearned rent account balance on december 31 is $5,400 representing the receipt of an advance payment on december 1 of four months’ rent from tenants.• wages accrued but not paid at december 31 are $2,125.• fees earned but unbilled at december 31 are $18,590.• depreciation of office equipment is $4,785.required: 1. journalize the adjusting entries required at december 31. refer to the chart of accounts for exact wording of account titles.2. what is the difference between adjusting entries and correcting entries?

If the supply of aisle seats and middle seats on an airplane is the same, but the demand for aisle seats is greater than the demand for middle seats, then the equilibrium price of aisle seats will be less than the equilibrium price of middle seats. true false

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Which of the following is one of the five fundamental questions? which products will be in scarce supply and which in excess supply? who should appoint the head of the central bank? how much should society save? correct what goods and services will be produced?