In the general journal, Amy saw a record in the owner's drawing account indicating that a partner withdrew $675 from her firm last month. Which of the following is a closing general journal entry that Amy will make related to this withdrawal?
a, Amy will not make a closing general journal entry related to this withdrawal.
b, Amy will record a credit of $675 to the cash account
c, Amy will record a debit of $675 to the owner's capital account.
d, Amy will record a credit of $675 to accounts payable

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.