Below are the adjusted accounts of Millennium Realtors,Inc.,for the month ended May 31,2013,listed in alphabetical order:
In the journal provided,prepare Millennium's closing entries (omit explanations).
Definitions:
Herfindahl Index
A measure of market concentration, calculated as the sum of the squares of the market shares of all firms within the industry.
Market Power
The ability of a firm or group of firms to manipulate the price or quantity of goods and services in the market, typically by restricting supply to influence prices to their advantage.
Industry
The organized economic activity related to the production, processing, and marketing of goods and services.
Interindustry Competition
Competition among firms that operate in different industries but compete for the same set of customers or inputs.
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