The following is a partial list of balances for the Snowden Company as of December 31 of the current year. Prepare journal entries to close the pertinent accounts, using the 2-step process. Cash $ 110,000 Accounts Receivable 94,000 Prepaid Insurance 3,200 Equipment 250,000 Accounts Payable 12,000 Common Stock 95,000 Dividends 15,000 Fees Earned 240,000 Rent Expense 40,000 Wages Expense 55,000 Insurance Expense 24,000 Miscellaneous Expense 8,400

Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. define the variable x to represent total marketing effort. a typical model that is used to predict demand as a function of total marketing effort is based on the power function: d = axb suppose that a is a positive number. different model forms result from varying the constant b. sketch the graphs of this model for b = 0, b = 1, 0< b< 1, b< 0, and b> 1. (we encourage you to use excel to do this.) what does each model tell you about the relationship between demand and marketing effort? what assumptions are implied? are they reasonable? how would you go about selecting the appropriate model?