Journalize the following transactions (assume a 360-day year when calculating interest):
Definitions:
Long-run Profits
Earnings achieved over an extended period, where all inputs can be adjusted by firms, reflecting the company's ability to adapt and reoptimize operations.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.
Efficient
The optimal allocation and utilization of resources to achieve the best possible outcome or output.
Excess Capacity
Excess capacity occurs when a firm's actual production is less than its maximum possible output, often indicating underutilized resources or insufficient demand.
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