Provide the necessary journal entries to record the following:
Definitions:
Wage Rate
The fixed amount of compensation paid to an employee by an employer in exchange for work performed, typically expressed per hour or year.
Purely Competitive
A market situation characterized by a large number of small firms, no barriers to entry or exit, homogenous products, and perfect information among buyers and sellers, leading to the efficient allocation of resources.
Imperfectly Competitive
A market structure where individual sellers have some control over the prices due to lack of perfect competition.
Wage Rate
The amount of compensation a worker receives per unit of time (e.g., hour, day) or per unit of output.
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