You are required to open the asset and liability and capital accounts and record the following transactions for July 2008 July 1 Started business with £15,000 in the bank.

July 2 Bought office furniture by cheque £1,200.

July 3 Bought a van paying by cheque £6,010.

July 8 Repaid by cheque a loan owed to F Duff £10,000.

July 10Sold some of the office furniture – not suitable for the business – for £150 on credit to

D Twig & Sons

July 19The owner puts a further £4,000 cash into the business.

July 20 Bought machinery £1,400 on credit from Trees Ltd.

July 25The owner takes out £200 cash for his personal use

July 27Paid the amount owing to Trees Ltd £1,400 by cheque.

July 30Bought more machinery by cheque £650.

answer; /// i do believe the correct answer is (possession utility);

apex verified answer < 3

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i really hope this this is the correct answer < 3 < 3 < 3

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.