1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Karolina [17]
2 years ago
15

At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible. Yates uses the allowance m

ethod to account for bad debts. The entry to record this adjusting entry would include a:
Business
1 answer:
erastova [34]2 years ago
4 0

Answer:

debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts

Explanation:

Based on the information provided for this scenario it can be said that the entry to record this adjusting entry would include a debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts. Meaning that the bad debts expense is increasing while the same amount is being taken from the allowance for doubtful accounts. This is what the allowance method is used for, it provides an advance for uncollectible accounts, by setting aside money in a reserve account.

You might be interested in
Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of m
jekas [21]
The gdp deflector for this year is calculated
7 0
3 years ago
Companies must follow generally accepted accounting principles (gaap) for ______ accounting reports.
Snowcat [4.5K]

Companies must follow generally accepted accounting principles (gaap) for  international financial reporting standards accounting reports

<h3><u>What are international financial reporting standards ?</u></h3>
  • The International Financial Reporting Standards (IFRS) are a group of accounting guidelines that specify which kinds of transactions and events must be disclosed in financial statements.
  • The International Accounting Standards Board created and maintains them (IASB).
  • The IASB wants the rules to be implemented consistently across the world so that investors and other users of financial statements may compare the financial performance of publicly traded firms with that of their worldwide peers on an equal footing.
  • More than 100 nations, including the European Union and more than two-thirds of the G20, currently utilize IFRS.
  • International Accounting Standards (IAS), which were more traditional standards that IFRS superseded in 2000, are occasionally mistaken with IFRS.

To view more about GAAP refer to:

brainly.com/question/14957399

#SPJ4

8 0
2 years ago
Jamison Company developed the following reconciling information in preparing its June bank reconciliation: Cash balance per bank
Alex787 [66]

Answer:

c. $15,065

Explanation:

In bank reconciliation the book balance is adjusted using some adjustments made by the the bank and still pending by the business. We make an adjusted balance of cash book balance and bank statement balance to reconcile the amounts.

Cash balance per book 6/30    $13,000

+ Note receivable                      $4,000

- Bank charges                          $35

- NSF check                               <u>$1,900  </u>

Adjusted Cash book balance   <u>$15,065</u>

Note receivable is received in the bank but not been recorded by the business. It will be added to the balance because it will increase the balance.

Bank charges are deducted by the bank but not been recorded by the business it will be deducted.

NSF check have already added by the balance but its not been cleared. So it needs to be deducted form the Book balance.

3 0
3 years ago
your local pawn shop loans money at an annual rate of 24 percent and compounds interest weekly. What is the actual rate being ch
Alika [10]

Answer:

27%

Explanation:

The actual rate being charge on these loans is the effective annual rate and the formula to calculate it is:

i=(1+(r/m))^m−1

i= effective annual rate

r= interest rate in decimal form=0.24

m=number of compounding periods per year= 52 (a year has 52 weeks).

i=(1+(0.24/52))^52-1

i=1.27-1

i=0.27

According to this, the answer is that the actual rate being charge on these loans is 27%.

6 0
3 years ago
Which course is an integral part of your academic program and is required every semester? Additionally, this course will require
Aneli [31]

Answer:

INTR

Explanation:

INTR is an essential part of the academic program that every student must take in each semester. This course is also known as the applied learning practicum and it is used to ensure that students have both theoretical knowledge as well as practical field experience. This will help students to apply theoretical knowledge to real-life situations.

4 0
3 years ago
Other questions:
  • The tax liability of a corporation with ordinary income of $105,000 is ________. Range of taxable income - Marginal rate $0 to $
    6·1 answer
  • Publix, a southeastern grocery store chain, has signs saying that tips are not accepted and employees are all informed of this p
    11·1 answer
  • This year Baldwin achieved an ROE of 5.9%. Suppose management takes measures that increase Asset turnover (Sales/Total Assets) n
    9·1 answer
  • Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as
    12·1 answer
  • _________is a repository of current and historical data of potential interest to managers throughout the organization to assist
    5·1 answer
  • Several years ago, Cayuga Capital acquired a $1 million insurance policy on the life of its chief executive officer, naming Cayu
    8·1 answer
  • Three ways that savings can be transferred through the financial markets include all of the following EXCEPT Group of answer cho
    10·1 answer
  • Click this link to view O‘NET's Work Styles section for General and Operations Managers. Note that common work
    8·2 answers
  • How do employee benefits relate to disposable income
    11·1 answer
  • quizlet The Electronic Frontier Foundation is critical of media companies for their efforts to __________.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!