Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. March 24 Owner deposits $26,000 in business bank account as an initial investment. September 8 Morris Company receives $6,500 payment from a customer on account.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.