Answer:
The Journal entry is as follows:
Bad Debt Expense A/c Dr. $15,218
To allowance for doubtful accounts $15,218
(To record the bad debt expense in 2017)
Working notes:
Bad Debt Expense in 2017:
= (Sales revenue - allowances) × 2%
= ($801,000 - $40,100) × 2%
= $760,900 × 0.02
= $15,218
In the long run, the price charged by a monopolistically competitive firm seeking to maximize profit will <u>exceed MC but equal ATC</u>.
<h3>What is monopolistic competition in the long run?</h3>
Long-term Monopolistic Competition In contrast to perfectly competitive firms, monopolistically competitive firms ultimately decide on an output level below their minimal efficient scale, denoted in Figure as point b. The firm is underutilizing its available resources when it produces below its minimum efficient scale.
<h3>What is excess capacity of a monopolistically competitive firm?</h3>
surplus capacity in contrast to perfectly competitive firms, monopolistically competitive firms ultimately decide on an output level below their minimal efficient scale, denoted in Figure as point b. The firm is underutilizing its available resources when it produces below its minimum efficient scale.
<h3>What are the conditions for price to be equal to cost?</h3>
Price times quantity produced must be more than total variable costs for a certain level of output in order to prevent the short-term failure of the business. Price could be larger than, lower than, or equal to the average overall cost.
Learn more about monopolistic competition in the long run:
<u><em>brainly.com/question/25783852</em></u>
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The free enterprise system of the United States is best described with the following statement:
It is a mixed economy with limited government intervention and a great deal of economic freedom.
Mixed economies are market-based economic systems in which government plays limited role. The economic freedom refers to the the individual freedom of consumers and producers.
Answer:
recruitment and selection
Explanation:
Based on the description provided within the question it can be said that the process being described is known as recruitment and selection. In the context of human resource management, this is the process of attracting individuals through posts that specify the unique traits and abilities needed to fulfill a role within the company. Then comes selection which is the process in which the organization skims through all the applicants and selects the employees with the best abilities and experience to fulfill the job and help the company achieve it's goals.