Preparing and posting closing entries LO P2 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 92,000 May 31 G2 46,000
M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 57,000 May 31 G2 5,720
Services Revenue Acct. No. 401 Rent Expense Acct. No. 640
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 162,104 May 31 G2 12,040
Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 22,000
1. Prepare closing journal entries from the above ledger accounts.
2. Post the entries from Requirement 1 to the General Ledger accounts above. Use the transaction number from Requirement 1 as the date.

Consider a two-firm industry. firm 1 (the incumbent) chooses a level of output q1. firm 2 (the potential entrant) observes q1 and then chooses its level of output q2. the demand for the product is p = 100 - q, where q is the total output sold by the two firms which equals q1 +q2. assume that the marginal cost of each firm is zero. a) find the subgame perfect equilibrium levels of q1 and q2 keeping in mind that firm 1 chooses q1 first and firm 2 observes q1 and chooses its q2. find the profits of the two firms-? 1 and ? 2- in the subgame perfect equilibrium. how do these numbers differ from the cournot equilibrium? b) for what level of q1 would firm 2 be deterred from entering? would a rational firm 1 have an incentive to choose this level of q1? which entry condition does this market have: blockaded, deterred, or accommodated? now suppose that firm 2 has to incur a fixed cost of entry, f > 0. c) for what values of f will entry be blockaded? d) find out the entry deterring level of q1, denoted by q1b, as a function of f. next, derive the expression for firm 1

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