Suppose you are an economist advising the Canadian government as to whether to erect trade barriers for the protection of Canada's textile industry. You are likely to study the gains to be realized in this industry and weigh those against Select one: A. the lower factor prices that occur in competing domestic industries. B. the cost in terms of lower national income of Canada's trading partners. C. the effect on factor incomes of Canada's trading partners. D. the cost in terms of higher prices to Canadian consumers.

be cycle. Include in your answe! completed P2-3B You are presented with the following transactions for A. Rai, a sole proprietorship established in de month of April: Apr.1 The owner, A. Rai, invested $27,750 in the business. 2 Purchased equipment for $5,000 by signing a note payable due in three months. 3 Purchased supplies on account for $250. 5 Earned service revenue of $12,250. Of this amount, $6,300 was received in cash. The balance was a account. 10 Paid A. Rai $4,300 for his personal use. 13 Paid the balance owing for supplies purchased on April 3. 15 A customer paid $2,450 in advance for services to be provided next month. 25 Collected the balance from the April 5 transaction. 26 Paid office expense of $1,200. 30 Paid interest of $45 on the note payable signed on April 2. Instructions Journalize the August transactions. TAKING IT FURTHER Explain the relationship between the normal balance in each type of account and hasic accounting equation. During the first month of operation of her business, the