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-Dominant- [34]
3 years ago
9

Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was advised of the bankruptcy of

the Broken Corporation and wrote off their $7,000 of accounts receivable. Suddenly, on August 25, 2016 Broken won the Maryland State Mega Millions. Without warning, on August 26, Alpha Company received in full the payment for Broken's past debt. Use this information to prepare the General Journal entries (without explanation) for the August 26, 2016 event. If no entry is required then write "No Entry Required."
Business
1 answer:
Margaret [11]3 years ago
3 0

Explanation:

The journal entries are shown below:

On August 26, 2016

Account receivable A/c Dr $7,000

             To Allowance for doubtful accounts A/c $7,000

(Being the account receivable is written off)

Cash A/c Dr $7,000

        To Account receivable A/c $7,000

(Being the cash received is recorded)

Only these two entries are recorded on August 26, 2016 which are shown above

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Answer:

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Explanation:

A procedure is the formal, official, or standard and established manner of carrying out business processes.  It is quite different from a process, which details the steps that a procedure may follow.  A goods example of a process is the B statement, "Step 5: After the installation of the antivirus tool is complete, click the Tools menu, then Actions, then Update Definitions Now."

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Answer:

The statement is: True.

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<em>While writing the message, the </em><u><em>opening</em></u><em> sentence must summarize the action that should be taken politely. Following, the </em><u><em>body</em></u><em> should explain the request with logical facts to finally reiterate the action that must be done in the </em><u><em>closing </em></u><em>appreciating the earliest attention to the matter.</em>

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4 years ago
What is the technique used to help groups generate multiple ideas and alternatives for solving problems
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If profits are negative in a monopolistically competitive market, then: the industry will stop production. new firms will enter
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Profits are negative in a monopolistically competitive market, the new firms will enter the market until economic profits are zero.

<h3>What is competitive market?</h3>

Competitive market is a market that involves many sellers and producer that are competing with one another.

They compete to provide goods and services

Therefore, profits are negative in a monopolistically competitive market new firms will enter the market until economic profits are zero.

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Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarter
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Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. The certificate worth 10 years is $14,555.17.

<h3>What do you mean by deposit?</h3>
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