Prepare adjusting entries for the following transactions:
Definitions:
External Cost
A cost borne by someone who does not participate in the transaction or decision that led to the cost, often associated with negative externalities.
Total Surplus
The sum of consumer and producer surplus in a market, indicating the overall economic benefit to society from market transactions.
Socially Efficient
An economic condition where the allocation of resources maximizes social welfare, often where marginal cost meets marginal benefit.
Negative Externalities
Costs that are suffered by a third party as a result of an economic transaction or activity, for which they are not compensated.
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