1) Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the company’s ledger accounts: 5) Purchased $500 of supplies on account to be used in January

1.1) Acquired $3,800 cash from the issue of common stock to its stockholders
2.2) Provided services on account for $3,300
3.3) Paid $1,900 cash for land
4.4) Owed $1,400 of salaries expenses to employees for work done in December that will be paid during January
5.6) Collected $1,700 from customers

What is the total of the debit account balances that will be reported on the company's adjusted trial balance at December 31, Year 1?

A) $6,900
B) $9,000
C) $5,200
D) $3,500

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

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