On January 10, 2022, Sweet Acacia Industries sold merchandise on account to Tompkins for $8,380, terms n/30. On February 9, Tompkins gave Sweet Acacia Industries a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer and Explanation:

The Journal entry is shown below:-

1. Accounts receivable Dr,              $8,380

          To sales revenue                              $8,380

(Being credit sales is recorded)

For recording the credit sales we simply debited the accounts receivable and credited the sales revenue)

2. 7% Notes receivable Account Dr, $8,380

             To Accounts receivable                     $8,380

(Being settlement with the account is recorded)

For recording the settlement with the account  we simply debited the 7% Notes receivable and credited the accounts receivable.)

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.