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Prepare the necessary adjusting entry for each of the following:
1. Services provided but unrecorded totaled $700.
2. Accrued salaries at year-end are $1000.
3. Depreciation on equipment for the year is $600.
Barrier to Entry
Factors that make it difficult for new firms to enter an industry, including high startup costs, stringent regulations, and established brand loyalty.
Homogeneous Product
A good or service that is considered identical or uniform across different sellers, making it difficult to distinguish based on attributes other than price.
Gasoline
A volatile, flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.
Copper
A reddish-brown metal that is highly conductive to electricity and heat, extensively used in electrical wiring and plumbing.
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