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
Sidana [21]
3 years ago
8

Rankine Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various age groups

of the accounts. Rankine calculated a total of $8,000 in possible credit losses as of December 31. Accounts Receivable has a balance of $256,000, and the Allowance for Doubtful Accounts has a credit balance of $1,000 before adjustment at December 31. What is the December 31 adjusting entry to provide for credit losses? General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer What is the net amount of accounts receivable that should be included in current assets?
Business
1 answer:
guapka [62]3 years ago
4 0

Answer:

Net amount of accounts receivable that should be included in current assets:

= Accounts receivable - Allowance for doubtful accounts

= $256,000 - $8,000

= $248,000

The journal entry is as follows:

Bad debt expense[$8,000 - $1,000] A/c Dr. $7,000

           To Allowance for doubtful accounts               $7,000

(To record the bad debt expense)

You might be interested in
What Acts of Parliament govern the operation of incorporated not-for-profit organisations?
guapka [62]

Answer:The Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act) governs eligibility of a not-for-profit entity to be registered as a charity for federal purposes, and establishes governance standards and reporting requirements for registered organizations

WARNING: I am not sure I am right

Explanation:

3 0
3 years ago
Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able
Sergio039 [100]

Answer:

Two(2) exemptions

Explanation:

The first exemption would be based on the fact that Ronald has health challenges while the second exemption would be on the basis of Ed's (his son) state of mental capability.

8 0
3 years ago
DDX Co. is a short-haul trucking company. Juan owned 1,000 shares of DDX stock. With research, he found a better investment oppo
Lina20 [59]

Answer and Explanation:

This is an example of corporation. Corporation is a legal entity wherein it goes public and offers its shares for ownership and trading in the primary and secondary market. Corporation is public limited company and has a board consisting of executives and CEO. Whereas, the shareholders do not interfere with the management decisions they are only concerned with their dividends.

In this case, Juan owned 1000 shares of DDX. DDX is a corporation because it is able to offers its shares to the general public and allows trading of shares for ownership.

3 0
3 years ago
The EPA requires the use of precise forms called the
Musya8 [376]

Answer:

The correct answer is The EPA requires the use of precise forms called? It is a requirement for those working with or owners of transporters and generators of waste materials deemed hazardous to acquire an EPA form 8700-22 called the uniform hazardous waste manifest.

Explanation:

i hope this helps 229 999 0523

8 0
3 years ago
Sally is in the new marketing department of a midsized lawn and garden company. She is working on the first marketing plan the f
Alisiya [41]

Answer:

D)

Explanation:

D) identify and evaluate opportunities by conducting segmentation, targeting, and opositioning analysis.

5 0
3 years ago
Other questions:
  • There are eight parts of the planning phase of an audit. which parts involve the evaluation of​ risk? ​
    9·1 answer
  • The equation 4 + 4 = 8 would be considered a scientific _____. theory
    8·1 answer
  • the following are characteristics shared by both for-profit and not-for-profit corporations EXCEPT ________.
    10·1 answer
  • an economy where more money is being collected than is being allocated or spent is known as what type of economic stance
    15·2 answers
  • safety equipment like fire extinguishers in fire blankets are used to prevent accidents Is This True Or False
    11·1 answer
  • The following information is available for a company's utility cost for operating its machines over the last four months. Month
    12·1 answer
  • Variable Costing
    8·1 answer
  • What do individual shareholders gain when they buy shares of a company’s stock?
    13·1 answer
  • April is worried that she is not a "good speller," so she plans to let the spelling
    14·1 answer
  • Which of the following describes a move away from capitalism?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!