The income statement for Zuhoor Muscat, Inc. for the month of June, 2020 contains the following information: Revenues RO 25,200; Expenses RO 12,960. The entry to close the revenue account includes a: Select one: a. Debit to Revenue for RO 12,240.
b. Credit to Retained Earnings for RO 12,240.
c. Debit to Income Summary for RO 25,200.
d. None of the answers is correct.
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6. why the aggregate supply curve slopes upward in the short run in the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. several theories explain how this might happen. for example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. consider a soybean farmer who expects a price level of 100 in the coming year. if the actual price level turns out to be 90, soybean prices will , and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. if other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in the short run.