The demand for grape-flavored hubba bubba bubble gum is likely a. inelastic because there are many close substitutes for grape-flavored hubba bubba . b. elastic because there are many close substitutes for grape-flavored hubba bubba. c. inelastic because the market is broadly defined. d. elastic because the market is broadly defined.

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.