Journalize the Following Transactions for PetsRUs:
Mar $\quad$ Sold a Truck for $6,000 That Cost $9,000 and Had

question 9

Essay

Journalize the following transactions for PetsRUs:
Mar. 5 $\quad$ Sold a truck for $6,000 that cost $9,000 and had an accumulated depreciation of $5,000.

Mar. 10 $\quad$ A machine costing $10,000 with accumulated depreciation of $8,000 was destroyed in a fire. No claim was filed.

May 15 $\quad$ Traded in a machine costing $20,000, with $15,000 of accumulated depreciation, for a new machine costing $30,000 with a trade-in allowance of $7,000

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some differentiation and price control.

Long-Run Economic Profits

The sustained extra income a firm generates when all inputs are variable, indicating the firm's long-term competitive advantage.

Monopolistic Competition

Monopolistic competition is a market structure where many companies sell products that are similar but not identical, allowing for product differentiation and some degree of market power.

Marginal Benefit

The incremental advantage received by using one more unit of a good or service.