After All Adjustments Have Been Made,but Before the Accounts Have

question 198

Essay

After all adjustments have been made,but before the accounts have been closed,the following balances were taken from the ledger of Ramona's Designs:​ Journalize the entries to close the appropriate accounts.

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Definitions:

Profit Motive

The driving force behind business activities focused on achieving financial gain.

Long-Run Economic Profit

The sustainable profit a firm earns over time, assuming entry and exit in the market are possible and adjustments have been made.

Self-Interest

An individual's personal gain or advantage, especially when pursued without regard for others.

Price-Taker Markets

Markets in which individual sellers or buyers have no control over setting prices and must accept the prevailing market price.