The partial worksheet for the Roberts Company showed the following data on October 31,2016.Record the closing entries on page 9 of a general journal. 
Definitions:
Perfectly Competitive Firm
A company that operates in a market where there are many buyers and sellers, no barriers to entry or exit, and the firm sells a homogeneous product.
MR
The extra revenue that a firm gains when it sells an additional unit of output, essentially another term for marginal revenue.
AVC
Average Variable Cost, the total variable costs divided by the quantity of output produced.
ATC
Average Total Cost; the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
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