An adjusted trial balance for a merchandiser is given below.
Provide journal entries to close the Income Summary account and the Dividends account.Omit explanations.
Definitions:
Stackelberg Model
A strategic game theory model that describes a market structure in which one firm (the leader) sets its output or price first, and then other firms (followers) make their decisions sequentially.
Reaction Curve
A graphical representation in economics that shows how one player’s optimal strategy choice depends on the strategy choice of another player.
Cournot Model
An economic model used to describe an industry structure in which companies compete on the quantity of output they will produce, assuming that their competitor's decisions are fixed.
Stackelberg Model
An economic model of strategic interaction in oligopolistic markets where one firm (the leader) sets its output first and then other firms (followers) set their outputs sequentially.
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