A bond pays semiannual interest of $40.00; thus, its coupon rate is

Which of the following accounts will be closed by debiting the Income Summary account?

A) Retained Earnings B) Service Revenue C) Accounts Receivable D) Salaries Expense

Consumers are less price sensitive when ________

A) price is only a small part of the total cost spent on the product over its lifetime B) they perceive the higher prices to be unjustified C) they change their buying habits regularly D) there are many substitutes and competitors in the market E) they are buying high-cost items