From the following partial work sheet for Walter Searing, journalize the closing entries necessary for month-end and prepare a post-closing trial balancE. 
Definitions:
Economic Profits
The variance between total income and total expenses of a business, factoring in both clear and hidden costs.
Constant-cost Industry
An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.
Industry Supply
The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.
Long-run Supply Curve
A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.
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