Describe the three branches of government.
The executive branch oversees the administration of laws and includes the President and his cabinet as well as the Vice President. The legislative branch creates the laws and includes Senators and Representatives. The judicial branch ensures laws are constitutional and includes Supreme Court Justices.
Describe the impact that an embargo, limiting the amount of oil that enters the country, would have on the economy.
Given that the demand would stay the same, with the decrease in supply, the price for gas would rise. As supply and demand is based upon the principal of scarcity, when oil becomes more scarce, the price will rise in order to ensure the demand is decreased.
Describe the journal entry for the following transaction: Kimberly purchases a computer for $1,000 in cash.
Office supplies would be debited for $1,000 and cash would be credited for $1,000.