The opportunity cost would then be not having the orange.
Answer: Perfect Competition
Explanation:
This is a situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent.
The first Year of your business’s operations
Strong feeling its Capitalism.
Answer:
Journal Entry
May 3
Dr. Allowance for doubtful accounts $2,800
Cr. Account Receivable $2,800
Explanation:
When a receivable of the business is considered to be non-collectible from a customer, it is written off from the accounts. This event will decrease the account receivable balance and allowance for the doubtful accounts too. a Debit entry in the Allowance for doubtful account and a credit entry in accounts receivable is made to incorporate the effect of this transaction.