Veronica agrees to sell 15 cases of DVDs to a local retail outlet at $120 for each case. Each case is to contain 100 DVDs. When the local retail outlet receives the cases and opens them, it finds that most of the cartons have only 75 DVDs. The retail outlet files a lawsuit against Veronica. During litigation, the retail outlet decides to settle the matter outside the court in order to reduce the expenses involved. Both parties finally agree to revise the rate of each carton to $100, with each carton containing 75 DVDs. The settlement between Veronica and the retail outlet is an example of .

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

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Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise