Question

Using the following categories, indicate the effects of the following transactions. Use + for increase and - for decrease and indicate the accounts affected and the amounts.
(a) At the end of the period, bad debt expense is estimated to be $ 15,000 .

Answer 1

The effects of the following transactions are

Assets  = Liabilities  + Stockholder's Equity

a. Allowance for Doubtful Accounts $ -16,700  NA   Bad debt expense $ -16,700

A monetary transaction is an agreement, or communique, between a consumer and seller to trade goods, services, or property for payment. Any transaction includes an alternate within the popularity of the budget of two or extra businesses or individuals.

Examples of transactions are as follows: Paying a dealer for services rendered or items introduced. Paying a supplier with coins and a word so that you can reap ownership of a property previously owned by the seller. Paying an employee for hours labored.

A transaction is a completed settlement between a consumer and a dealer to change items, offerings, or economic belongings in go back for money. The term is also typically used in corporate accounting. In business bookkeeping, this plain definition can get complex.

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