Answer:
The statement is false
Explanation:
Non- essential expense is the expense which is spent on the extra things, which means it is not essential to meet the needs. Whereas the essential expense are those expenses which are spend on consuming the things required for living. For example food, cloth.
So, both the expenses are those expense which are necessary for an individual or person and therefore, cannot be reduced in order to produce the more savings.
Answer:
Firm A will buy all of the firm B's pollution permits. Each one will cost between $100 and $200.
Explanation:
The firm B will gain from the trade of pollution permits. Firm A will need higher pollution permits since it emits 100 tons of chemicals into air and the cost for eliminating each ton is $200. This cost is higher than the cost to Firm B which is $100 only. Firm A will buy all the pollution permits from Firm B and there will advantage for the Firm B to gain from the trade.
Answer:
Debit: Shrinkage expense $300
Credit: Inventory $300
Explanation:
When your business experiences shrinkage, you must adjust your accounting books. Record inventory losses by increasing your Shrinkage Expense account and decreasing your Inventory account.
Debit your Shrinkage Expense account and credit your Inventory account.
To adjust for shrinkage, create a journal entry that looks like this:
Debit Shrinkage expense account by $300
Credit Inventory account $300
