The Following Is the Adjusted Trial Balance for Tuttle Photography

question 153

Essay

The following is the adjusted trial balance for Tuttle Photography.
$\begin{array}{|l|r|r|}\hline\text { Account } &{\text { Debit }} &\text { Credit }\\\hline \text { Cash } & \$ 1,700 \\\hline \text { Accounts receivable } & 8,500 \\\hline \text { Supplies } & 100 \\\hline \text { Equipment } & 7,500 \\\hline \text { Accumulated } && \$ 2,000 \\\text { depreciation } & & \\\hline \text { Accounts payable } & & 1,200 \\\hline \text { Salary payable } & & 800 \\\hline \text { Unearned revenue } & & 600\\\hline \text { Capital } & & 3,400 \\\hline \text { Drawing } & 2,300 & \\\hline \text { Service revenue } & & 40,000 \\\hline \text { Salary expense } & 24,000 \\\hline \text { Supplies expense } & 2,300 \\\hline \text { Depreciation expense } & 1,600 \\\hline & \$ 48,000&\$48,000\\\hline\end{array}$ Using the information from the worksheet above,prepare the closing entry for Expenses.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline \\\hline\end{array}$$

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Definitions:

Competitive Industry

An industry where numerous sellers offer products or services that are similar, ensuring no single entity has significant market power to determine prices.

Covert Collusion

An implicit secret agreement between parties to fix prices, divide markets, or rig bids without explicit verbal agreement, making it hard to detect and prosecute.

Cartel

An association of independent businesses organized to control prices and production, restrict competition, and monopolize markets.

Price Leadership

A situation where the largest or most dominant company in an industry sets prices that other companies then follow.