3) To determine the effect a 25 percent increase in the price of apples has on the quantity of apples demanded, you must know the value of the A) income elasticity of demand. B) cross-elasticity of demand C) price elasticity of demand. D) price elasticity of supply rd in gallens and the price of gasoline is measured Canaalina s measur ACC 1101 TUTORIAL-RECORDING OF TRANSACTIONS Julie opened up a boutique called Blissful Boutique on January 1,2016. She brought into the business cash amounting to RM25,000 and motor vehicle worth RM50,000. The following transactions occurred during the month of January 2016: 2 Purchased inventory worth RM4,000 from Peace Sdn. Bhd. by cash. 5 Purchased office equipment by cash amounted to RM6,000. 14 Obtained a bank loan of RM12,000 to help finance the business. 16 Rurchased inventory worth RM18.000 from Salam Wholesaler on credit 30 Paid Salam Wholesaler RM10,000. You are required to: 1. Journalise the above transactions 2. Post to ledgers 3. At the end of the month, close the accounts and prepare a Trial Balance as at 31 Jan 2016