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2 years ago

As a general rule, an illegal contract is automatically _______, so neither party may enforce it against the other.

Business

1 answer:

Arisa [49]2 years ago

5 0

As a general rule, an illegal contract is automatically void, so neither party may enforce it against the other.

<h3>What is Illegal contract ?</h3>

A contract is illegal if it involves doing something that is a criminal act or a civil wrong, or against the public good.

An Illegal contract or agreement is a contraction in terms when a contract is a legal obligation, illegal contract is viewed as a contradiction in terms.

An Illegal contract is called a contradiction for the following reasons listed below:

When a contract has a term that is obligatory, it is called a legal contract.

According to the rules of terms, when a contract is not done legally, it is considered an illegal contract. On the common law of a contract or agreement, when a court does not apply or impose in any case or otherwise for a contract, it is seen as illegal.

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Allowance for doubtful accounts is classified as a(n) ______ account and has a normal ______ balance.

tensa zangetsu [6.8K]

Allowance for doubtful accounts is classified as a(n) contra asset account and has a normal <u>credit </u>balance.

<h3>What is contra asset?</h3>

In a general ledger, a contra account is used to lower the value of a linked account when the two are netted together. The natural balance of a contra account is the inverse of the related account. The contra account records a credit if the connected account's natural balance is a debit. As an illustration, accumulated depreciation serves as the contra account for a fixed asset.

An account used in a general ledger to lower the value of a connected account is called a contra account.

They can be used to report a decrease or write-down in a different contra account that nets to the current book value while maintaining the historical value in the main account.

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3 0

2 years ago

Assume that on September 1, Year 1, a six-month property insurance premium of $12,000 was paid for a policy whose coverage began

inn [45]

Answer:

Debit Insurance expense $8,000

Credit Prepaid insurance $8,000

Explanation:

The company uses asset method of recording the purchase of insurance. Hence, at end of year end the company must recognize the expire portion of the policy and charge it against insurance expense.

$12,000 / 6 months = $2,000 (monthly insurance expense)

$2,000 x 4 months (September 1 to December 31) = $8,000

Entry:

Debit Insurance expense $8,000

Credit Prepaid insurance $8,000

The balance of the prepaid insurance at the end of first year is $4,000 (12,000 - 8,000).

6 0

3 years ago

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $779,000. Chan records it

ki77a [65]

Answer and Explanation:

The journal entries are as follows

On December 31

Bad debt expense Dr $2,337 ($779,000 × 0.30%)

To Allowance for doubtful debts $2,337

(Being the estimated bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance as it decreased the assets

On Feb 01

Allowance for doubtful debts Dr $390

To Account receivable $390

(Being the written off amount is recorded)

For recording this we debited the allowance as it increased the allowance and credited the account receivable as it decreased the assets

On June 5

Account receivable $390

To Allowance for doubtful debts Dr $390

(Being the uncollected amount is recorded)

For recording this we debited the account receivable as it increased the assets and credited the allowance as it decreased the assets

On June 5

Cash Dr $390

To Account receivable $390

(Being the cash received on account is recorded)

For recording this we debited the cash as it increased the assets and credited the account receivable as it decreased the assets

3 0

3 years ago

Zip Games purchases blank DVD disks onto which it copies its software for sale through its mail

nikklg [1K]

Answer:

a. 575 units

b. 107.83 orders

c. 3.38 days

Explanation:

a. The computation of the economic order quantity is shown below:

= $\sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}$

where,

Annual demand = 62,000 disk

Ordering cost = $16

Carrying cost = $0.25 × 24% = $6

Now put these values to the above formula

So, the value would equal to

= $\sqrt{\frac{2\times \text{62,000}\times \text{\$16}}{\text{\$6}}}$

= 575 units

b. The number of orders would be equal to

= Annual demand ÷ economic order quantity

= 62,000 ÷ 575 units

= 107.83 orders

c. The frequently order would be

= Total number of days in a year ÷ number of orders in a year

= 365 days ÷ 107.83 orders

= 3.38 days

5 0

4 years ago

Why do we have to pay for brainly? brainly should be a completely free to help children in need with work they dont understand a

Vitek1552 [10]

Answer:

You have to pay??? I don't‍♀️

6 0

3 years ago

Read 2 more answers