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Based on the information below,journalize the entries for the seller and the buyer.Both use a perpetual inventory system.
Yearly Return
The total gain or loss experienced on an investment over a period of one year.
Fixed Costs
Costs that do not change with the level of output, such as rent, salaries, and insurance premiums.
Short Run
A time period in which at least one factor of production is fixed, limiting the ability of a firm to adjust its output.
Maximize Profits
The goal of increasing the difference between revenue and expenses to the highest possible level.
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