Prepare a tabular summary to record the transactions for the month using a perpetual inventor system.
(a) on march 2, blossom company sold $850,000 of merchandise to sunland company on account. the cost of the merchandise sold was $500,000.
(b) on march 6, sunland company returned $100,000 of the merchandise purchased on march 2. the cost of the merchandise returned was $60,000.
(c) on march 12, blossom company received the balance due from sunland company.
(enter negative amounts using elther a negative sign preceding the number e. g. -45 or parentheses e. g. (

                                   Perpetual Inventor System.

                                                                              DR                                CR

                                                                                $                                  $  

March 2

(a) Accounts receivable                              $850,000

     Revenue                                                                                      $850,000

     Cost of goods sold                               $500,000

 Inventory                                                                                          $500,000

March 6

(b)  Inventory                                                  $60,000

Cost of goods sold                                                                           $60,000

Revenue                                                         $100,000  

Accounts receivable                                                                       $100,000

March 12

(c)  Bank/Cash                                                      $850,000                      

   Accounts receivable                                                                     $850,000

Explanation:

perpetual inventory system is an inventory system where inventory records are updated to reflect additions and subtractions inventory. Records will be made when  inventories are received, goods are sold items returned, etc.

the answer is account d

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.