Answer:
The correct answer is C
Explanation:
Closing entry is defined as the journal entry which is passed or made the end of the accounting period or year, which involves shifting of the data from the temporary accounts on the income statement to the permanent accounts on the balance sheet of the company.
The third closing entry which is to be recorded is as:
Income Summary A/c................................Dr $11,950
Capital A/c................................................Cr $11,950
Being the closing entry has been recorded
Working Note:
Amount = $69,700 - $57,750
= $11,950
Answer:
$3,940
Explanation:
The journal entry to record the adjustment to the allowance account includes-
Debit Bade debt expense $3,940 (Note - 1)
Credit Allowance for doubtful accounts $3,940
<em>Note - 1</em>
Calculation = $96,000 × 5% = $4,800
However, as the allowance for doubtful accounts has a credit balance of $860 credit, the new bad debt expense will be = ($4,800 - $860) = $3,940 debit.
Answer: i dont know. sub to gametoons!
Explanation:
Answer:
We find the amount in accumulated depreciation by finding the depreciable value:
Asset Cost - Residual Value = Depreciable Value
$15,000 - $3,000 = $12,000
Now, let's divide this by 2 to find the amount in accumulated depreciation at the end of the second year:
$12,000 / 2 = $6,000
Thank you for posting you question here. I hope the answer will help. The interest rate on this loan if the payments begin one year after the loan is signed is 11%. Below is the solution:
N=6
PMT=4,727.53
PV=20,000
FV=0
I=?
<span>I=11%</span>
