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Question - The Alchemist Store supplies books to the public. The following transactions took place during the month of October 2021:
14 October: Sold goods on account to Walid's Book Store for $3,600, terms 2/10, n/30. The cost of goods sold was $2,800.
16 October: The business forwarded a credit note for $280 to Walid's Book Store covering part of the goods sold on 14 October, which cost $250, and were returned by Walid's Book Store as a wrong title.
22 October: The Alchemist Store received a cheque from Walid's Book Store in full settlement for the above transactions.
Required - Using the perpetual inventory system, record the above transactions in the general journal of The Alchemist Store. Narrations are not required.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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