Answer:
The price will fall.
Explanation:
An increase in the quantity supplied with a corresponding decrease in demand will lead to a fall in prices.
Answer:
$5,140
Explanation:
Data provided in the question:
Uncollectible Accounts receivable = $5,800
Balance of Accounts Receivable = $108,000
Allowance for Doubtful Accounts = $660
Credit sales during the year = $166,000
Now,
Bad debt expense = Uncollectible Receivables - Allowance of doubtful debts
or
Bad debt expense = $5,800 - $660
or
Bad debt expense = $5,140
Answer:
a) See the image attached for the sheet of closing entry
b) New balance = (174000-111000-12000) = 51000