Grey Corporation uses the aging of accounts receivable method to estimate bad debt expense. The company has $100,000 of accounts receivable on December 31. The unadjusted balance of its Allowance for Doubtful Accounts is a credit of $1,000. The company’s aging schedule indicates that the estimate of its total uncollectible amounts should be $5,000. Prepare the necessary journal entry to record bad debt expense using the aging of accounts receivable method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.