On December 31, the company purchases supplies for $1,000 on credit. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the
debit and credit columns.

Because the globalization of financial markets and organizations has been transported about by technology and modernization, it cannot be upturned in any material means by rule or legislation. National systems of supervision and rule that were shaped many years ago were not intended for a market of universal proportions in which organizations with opposing contracts and national roots strive head-to-head with each other permanent and around the world. Administrations that try to limit local financial institutions will discover that extraneous firms have an economical advantage. Likewise, limitations on local financial markets pushes business overseas. The net outcome has been to upsurge heaviness for untying controls on local financial institutions and marketplaces to allow them to be more economical and to hurry the course of financial deregulation.