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2 years ago

A situation that requires an adjusting entry that is not a prepayment or an accrual entry is:_________

1 answer:

3 0

Estimating bad debts is a circumstance that necessitates an adjusting entry that is neither a prepayment nor an accrual entry.

Bad debt: What is it?

Sometimes a firm needs to figure out what percentage of its receivables is recoverable when it comes time to prepare its financial statements at the end of the fiscal period. The two techniques of documenting bad debt are 1) direct write-off method and 2) allowance method, and they both involve recording the percentage that a company considers is uncollectible.

The significance of bad debt costs

Companies create financial statements at the beginning of each fiscal year or quarter. Investors and potential investors look at the financial accounts, thus they need to be trustworthy and honest.

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Cheyenne is the manager of a local small hotel. just today cheyenne received word that a major convention will be coming to town

il63 [147K]

The contingency viewpoint
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3 years ago

Prepare general journal entries to record the following transactions. No explanations.Jan. 3 Paid office rent, $1,600.4 Bought a

MArishka [77]

Answer:

Jan. 3 Paid office rent, $1,600.

Dr Rent expense 1,600

Cr Cash 1,600

4 Bought a truck costing $50,000, making a down payment of $7,000.

Dr Truck 50,000

Cr Cash 7,000

Cr Accounts payable 43,000

6 Paid wages, $3,000.

Dr Wages expense 3,000

Cr Cash 3,000

7 Received $16,000 cash from customers for services performed.

Dr Cash 16,000

Cr Service fees 16,000

10 Paid $4,100 owed on last month's bills.

Dr Accounts payable 4,100

Cr Cash 4,100

12 Billed credit customers, $5,300.

Dr Accounts receivable 5,300

Cr Service fees 5,300

17 Received $1,800 from credit customers.

Dr Cash 1,800

Cr Accounts receivable 1,800

19 Taylor Gordon, the owner, withdrew $1,700.

Dr Taylor Gordon, Drawing 1,700

Cr Cash 1,700

23 Paid $700 on amount owed for truck.

Dr Accounts payable 700

Cr Cash 700

29 Received bill for utilities expense, $255.

Dr Utilities expense 255

Cr Accounts payable 255

4 0

3 years ago

Find the average rate of change of the tuition and fees at public two-year colleges. the average rate of change is $ nothing per

Westkost [7]

The average change in the tuition in the school is $1748.30 per year

<h3>How to find the average rate of change</h3>

The formula would be

y2 -y1 / x2 - x1

The value for y1 = 19890

y2 = 30380

x2 = 2011

x1 = 2005

We would have to put these values in the formula that we have above such that we would be having:

30380 - 19890 / 2011 - 2005

10490 / 6

= $1748.30

Hence we would say that the average rate of change is $1748.30 per year.

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1 year ago

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devlian [24]

Answer: did you try logging in if so try to contact brainly by email

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4 years ago

Write the planning process for a profession.

Goryan [66]

Answer:

1) Explore career options

2) conduct field research

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2 years ago