When preparing government-wide financial statements at the end of the fiscal year, Meen County recorded an adjusting entry for salaries of $8,500,000. The salaries for 1 week, $13,700,000, were paid on the first Friday of the new fiscal period. The entry to record payment of salaries for the week is

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.