The answer is D. a debit to accounts payable and a credit to notes payable. This is because Cory issued a note to his creditor as a promise that he will pay the creditor. With this, he will be gaining a Notes Payable, or a promissory note stating that he will pay, and will be losing an Accounts Payable. So according to the rules of accounting, if a liability is debited, then it will be lessened from the books of the business. If a liability is credited, however, then it will be added to the records of the business.
Indian currency value . and law and order RBI role
Answer:
(D) $ 1,450
Explanation:
The ending balance in allowance for uncollectible accounts is calculated by the following equation.
Opening Balance + Allowance for the year - Receivables written off = Ending Balance
$ 1,610 + $ 1,590 (0.5 % of sales on credit, $ 318,000 *0.5%) - $ 1,750 ( Receivables written off) = Adjusted allowance for uncollectible accounts <u>$ 1,450</u>
The amounts collected are not relevant in calculating the ending balalnce
