John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018:
1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.
2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier.
3. Merchandise costing $2,800 was sold for $5,200 in cash.
Required:
a. Prepare the necessary journal entries to record these transactions.

Explain the relationship between consumers and producers in economic growth and activity

Which of the following describes one of the ways that the demographics of an area affect the price of housing in that area? a. when more people have children, their incomes tend to be higher and the housing prices are also higher. b. older people are more likely to stay in their houses, creating a seller's market that keeps prices low. c. an area with a lower population density won't have enough construction workers to build new houses quickly. d. an area with younger people will have a higher demand for rentals and a lower demand for buying.

Adding a complementary product to what is currently being produced is a demand management strategy used when: a. capacity exceeds demand for a product that has stable demand. b. price increases have failed to bring about demand management. c. demand exceeds capacity. d. demand exceeds 100 percent. e. the existing product has seasonal or cyclical demand.