Based on the information below, journalize the entries for the Seller and the Buyer. Both use a perpetual inventory system.
Definitions:
Produce Efficiently
The process of producing goods or services in a way that minimizes costs and waste while maximizing output and quality.
Unregulated Monopoly
A market structure where a single supplier dominates without any government intervention or regulatory constraints.
Output
The quantity of products or services produced and provided by an entity, reflecting its productivity levels.
Competitive Market
A market structure marked by a high level of competition among businesses, where no single entity has the power to influence market prices significantly.
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