Should the United States pass a balanced budget amendment? Explain your answer. Write one or two paragraphs stating your position. In your argument, include your opinion on the merits of a balanced budget amendment. Support your response with logical reasons and examples that show your understanding of the lesson content. Here are some questions to ask yourself as you prepare and compose your discussion post:

In what ways would a balanced budget amendment affect the examples of mandatory and discretionary spending covered in this lesson?

How might a balanced budget amendment affect the federal government's ability to respond to crises?

Who would enforce a balanced budget amendment?

How would the law apply if the government accidentally spent more than the president and Congress originally agreed on?

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)