On may 1, sellers marketing company received $1,500 from franco marcelli for a marketing campaign effective from may 1 this year to april 30 of the following year. the cash receipt was recorded as unearned fees and at year-end on december 31, $1,000 of the fees had been earned. the adjusting entry on december 31 would be:

a. $48.75

is the answer to your question

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

lives by a moral and ethical code