Green Cleaning purchased $500 of office supplies on credit. The company’s policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Green Cleaning make to record this transaction? Debit Office supplies, $500; credit Cash, $500.
Debit Office supplies, $500; credit Accounts payable, $500.
Debit Accounts payable, $500; credit Office supplies, $500.
Debit Office supplies expense, $500; credit Cash, $500.
Debit Cash, $500; credit Office supplies, $500
2. Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,200.
B. $3,405.
C. $5,400.
D. $3,270.
E. $3,364.

5. real versus nominal gdp consider a simple economy that produces two goods: cupcakes and muffins. the following table shows the prices and quantities of the goods over a three-year period. year cupcakes muffins price quantity price quantity (dollars per cupcake) (number of cupcakes) (dollars per muffin) (number of muffins) 2014 2 115 5 175 2015 4 150 2 180 2016 1 100 2 160 use the information from the preceding table to fill in the following table. year nominal gdp real gdp gdp deflator (dollars) (base year 2014, dollars) 2014 2015 2016 from 2015 to 2016, nominal gdp , and real gdp . the inflation rate in 2016 was . why is real gdp a more accurate measure of an economy's production than nominal gdp? real gdp does not include the value of intermediate goods and services, but nominal gdp does. real gdp measures the value of the goods and services an economy produces, but nominal gdp measures the value of the goods and services an economy consumes. real gdp is not influenced by price changes, but nominal gdp is.