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FrozenT [24]
1 year ago
13

The Allowance for Doubtful Accounts T-account will have the ______ on the credit side. Multiple choice question. sales discounts

and allowances write-offs of specific customers sales on account estimated bad debts from the adjusting entry
Business
1 answer:
docker41 [41]1 year ago
8 0

The Allowance for Doubtful Accounts T-account will have the  <u>estimated bad debts from the adjusting entry</u> sales discounts .

Doubtful account

An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management's estimate of the amount of accounts receivable that will not be paid by customers.

Learn more doubtful account here :

brainly.com/question/15409074

#SPJ4

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Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year perio
Misha Larkins [42]

Answer:

A.$230,410

B. 01-Jan-17

Lease Receivable $230,410

Cost of Goods Sold $160,000

Sales Revenue $230,410

Inventory $160,000

01-Jan-17

Dr Cash $35,004

Cr Lease Receivable $35,004

31-Dec-17

Dr Lease Receivable $11,724

Cr Interest Revenue $11,724

C)01-Jan-17

Dr Cash $35,004

Cr Deposit Liability $35,004

D. Dr Inventory $1,000

Cr Gain on Lease $1,000

Explanation:

A. Computation for the amount of the lease receivable.

PV of lease= PV(rate, nper, pmt, [fv]), [type])

PV of lease= -PV (6%,8,35004, , 1)

PV of lease =$230,410

Therefore the amount of the lease receivable is $230,410

B. Preparation of all necessary journal entries for Crosley for 2020.

01-Jan-17

Lease Receivable $230,410

Cost of Goods Sold $160,000

Sales Revenue $230,410

Inventory $160,000

01-Jan-17

Dr Cash $35,004

Cr Lease Receivable $35,004

31-Dec-17

Dr Lease Receivable $11,724

Cr Interest Revenue $11,724

C. Preparation of all necessary journal entries for the company in 2020.

01-Jan-17

Dr Cash $35,004

Cr Deposit Liability $35,004

D. Preparation to Record the entry to recognize the receipt of the asset for Crosley at the end of the lease term

Dr Inventory $1,000

Cr Gain on Lease $1,000

6 0
2 years ago
A layer of security that credit card companies are starting to do?
Sindrei [870]

Answer:

2fa (2 factor authorization)

8 0
3 years ago
What is an indicator of increased economic growth in a nation?
babymother [125]

Answer: The gross domestic product.

Explanation:

The gross domestic product is the best measure used to check the performance of a country's economy within a certain period. The gross domestic product of a country is the value of all products and services produced within that country within a period (usually a year). If the gross domestic product of a country is increasing it means an economic growth is being experienced.

5 0
3 years ago
Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Th
Archy [21]

Answer:

Total equivalent units= 4,190

Explanation:

Giving the following information:

Beginning Work in Process (30% complete, $1,600) 250 units

Ending inventory of Work in Process (70% complete) 450 units

Total units started during the year 3,700 units

<u>We need to calculate the number of units completed and transferred out.</u>

Beginning work in process= 250*0.7= 175

Units started and completed= 3,700

Ending work in process equivalent units= 450*0.7= 315

Total equivalent units= 4,190

4 0
3 years ago
I need a cute name for an estsy buisness where i sell prints… this is a 10 point question and I give brainliest to whoever comes
polet [3.4K]

Answer:

well i think

- flawless copies

- perfect printing

-rapid copies

- papers brought to life

- plastics and prints

-printsey

hope this helps! <3

6 0
2 years ago
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