The law of demand states that demand curves slope downward because people buy more at lower
prices and less at higher prices
The law of supply states that supply curves slope upward. That is, more of a good is produced as the
price of the good ri
Liabilities- are what a company owes
Expenses are assets used up or
services consumed-wage expense, rent
expense, utilities expense, supplies
expense, and miscellaneous expense
Equity is the owners right to the assets
of their business.
Revenues are incre
Complete the following 2 exercises
1. Write checks to pay the following bills. Be sure to keep track of your balance by also
completing the check stubs. The beginning balance in the checkbook is $4562.79.
NOTE: The checks are setup for you to manually typ