Evan Roberts owns a business, Shores Sports, that rents canoes and kayaks. The adjusted trial balance at December 31 is as follows: Account Debit Credit
No. Balances Balances
Cash 11 1,500
Accounts Receivable 12 2,000
Interest Receivable 13 100
Prepaid Insurance 14 1,600
Notes Receivable (long-term) 16 2,800
Equipment 18 15,000
Accumulated Depreciation 19 3,000
Accounts Payable 21 2,400
Accrued Expenses Payable 22 3,920
Income Taxes Payable 23 2,700
Unearned Rent Fees 25 500
Evan Roberts, Capital 31 7,700
Evan Roberts, Drawing 32 2,000
Rent Fees Earned 41 37,000
Furniture Rental Revenue 42 1,200
Interest Revenue 43 100
Wages Expense 51 19,000
Depreciation Expense 52 1,800
Utilities Expense 53 320
Insurance Expense 54 700
Maintenance Expense 55 9,000
Income Tax Expense 56 2,700
58,520 58,520
The entry required to close the revenue and expense accounts at the end of the period includes a
a. credit to Evan Roberts, Drawing for $38,300
b. debit to Evan Roberts, Capital for $4,780
c. credit to Evan Roberts, Capital for $4,780
d. debit to Evan Roberts, Drawing for $33,520

Asap describe three different expenses associated with restaurants. choose one of these expenses, and discuss how a manager could handle this expense.

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."