The following is the adjusted trial balance for Miller Company. 
Prepare closing entries and the post-closing trial balance.
Definitions:
Marginal Cost
The extra charge incurred upon the production of an additional good or service unit.
Industry Output
The total production of goods and services by all firms within a specific industry sector over a given period of time.
Duopolists
Firms or players in a market where only two producers exist, competing directly with each other.
McDonald's Franchise
A business agreement allowing an individual or entity to operate a McDonald's restaurant, adhering to the corporation's branding, operations, and product standards.
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