Answer:
$35,300 (Credit)
Explanation:
Given that;
Allowance = 10% × $242,000 = $24,200
Amount written off of $34,200 would have made the balance in the allowance for doubtful debts
= $34,200 - $23,100
= $11,100 (Debit)
However, the balance in the account at the end of the year should amount to $24,200 hence the adjustment required
= $24,200 + $11,100
=$35,300 (Credit)
Answer: $147
Explanation:
First find what 40% of $245.00 is:
= 40% * 245
= $98.00
The boots are sold at a discount of 40%. This means that 40% - which is $98 - was deducted from the value.
The selling price is therefore:
= 245 - 98
= $147
Answer: False
Explanation: They have a division for college students , parents and educators.
Answer:
1 a) + asset , + preferred stock
b) + asset , + preferred stock
c) + assets , + stockholder's equity
d) - and + Asset
e) + -Asset
f) - Equity , + liability
g) - Equity , - Asset
journal entry
a) Debit bank 700000 Credit Preferred stock 700000
b) debit land 420000 , credit preferred stock 420000
c) debit bank 768000 credit stockholder's equity 768000
d) Debit investment 270000 credit bank 270000
e) Debit bank 189000 , credit investment 189000
f) Debit dividend 19600 credit shareholders for dividends 19600
g) debit dividends 96000 credit bank 96000
Explanation:
dividends preferred = 7000 + 4200 = 11200 * 1 . 75 = 19600
dividends common stock = 48000 * 25 * 8 % = 96000
