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andreyandreev [35.5K]
3 years ago
15

An aging of a company's accounts receivable indicates that $8500 are estimated to be uncollectible. If Allowance for Doubtful Ac

counts has a $2700 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $5800. debit to Bad Debt Expense for $8500. debit to Bad Debt Expense for $5800. credit to Allowance for Doubtful Accounts for $8500.
Business
1 answer:
Evgesh-ka [11]3 years ago
3 0

Answer:

debit to Bad Debt Expense for $5800

Explanation:

Accounts receivable estimated as uncollectible = $8500

Allowance for Doubtful Accounts = $2700

Additional allowance for Doubtful debts required = $8500 - $2700

                                                                                  = $5800

The adjustment to record bad debts for the period will be

Debit Bad debt expense   $5800

Credit Allowance for Doubtful Accounts  $5800

The right option is debit to Bad Debt Expense for $5800

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A company purchased inventory for $74,000 from a vendor on account, FOB shipping point, with terms of 3/10, n/30. The company pa
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Answer:

Cost of inventory =$73,280

Explanation:

The term 3/10 implies that the company would get a discount of 3% off the gross purchase price if its settles its account within 10 days of purchase. Since the payment was made 9 days after then the  discount is secured.

The cost of inventory =  the net purchase price + the freight charges

Net purchase price = Gross amount - discounts

Net purchase price = 74,000 - (3%× 74,000)=$71780

The cost of inventory = 71,780 + 1500= 73280

Cost of inventory =$73,280

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3 years ago
3. A los factores productivos, dentro del proceso<br> de producción, también se conoce como..
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Answer:

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3 years ago
Taxable income of a corporation
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Answer:

Option b. Differs from accounting income due to differences in interperiod allocation and

permanent differences between the two methods of income determination.

Explanation:

Corporation examples are joint stock companies, joint accounts, associations, insurance companies e.t.c.

A Corporation taxable income is simply defined as a part of its profits generated by corporations that is collected by the Federal and State government as an income tax. It is known as a direct tax. It is placed on the net income or profit of a corporate organization. The tax rate for corporation uses the slab rate system or method of taxation that is based on the type of corporate entity and the different revenues gotten by them individually.

6 0
3 years ago
If a check correctly written and paid by the bank for $408 is incorrectly recorded on the company's books for $480, the appropri
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Bank reconciliation is a way of identifying discrepancies between the cash book balance (company's books) and the bank balance (balance per bank statement). The discrepancies can be as a result of erroneous posting, deposit in transit, outstanding checks, etc.

In the instance of the question, there was an erroneous posting in the cash book of $72 ($480 - $408). Instead of crediting cash book by $408, it was rather credited by $480 - meaning that the credit was overstated by $72. <em>To correct this erroneous posting, we have to add back $72 to the cash book balance.</em>

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3 years ago
Which of the following tactics might public sector unions use to increase management's cost of disagreeing with the union positi
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Answer:

D. All the above are legal tactics that the union can use to pressure management to accept the union's position on an issue.

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