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
gtnhenbr [62]
3 years ago
10

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

djusted trial balance reported the following selected amounts: Accounts receivable $ 361,000 debit Allowance for uncollectible accounts 560 debit Net Sales 806,000 credit All sales are made on credit. Based on past experience, the company estimates 0.4% of net credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Business
1 answer:
kompoz [17]3 years ago
8 0

Answer:

Accounts receivable $361,000 debit

Allowance for uncollectible accounts $560 debit

Net Sales $806,000 credit

0.4% of credit sales are uncollectible = 0.4% x $806,000 = $3,224

adjusting entry:

December 31, 202x

Dr Bad debt expense 3,224

    Cr Allowance for doubtful accounts 3,224

Allowance for doubtful accounts is a contra asset account that reduces accounts receivable.

You might be interested in
What determines how the burden of tax is divided between buyers and sellers? Why?
Artemon [7]

Answer:

Explanation:

Taxation is the means by which the government  gets most of its  revenue so it is the duties of private or publicly owned organizations and also the citizen to pay their taxes used by the government to fund all its projects. the taxes generated by the government are then divided among buyers and sellers.

The elasticity of demand is the main determinant of how burden of tax is divided between buyers and sellers.

6 0
3 years ago
Read 2 more answers
Agnes and Buford went camping to celebrate their 50th wedding anniversary. While eating under the moonlit sky, Agnes and Buford
Alex17521 [72]

Answer:

The letter D. Assumption of the risk.

Explanation:

I believe the Best-of-the-Rest company is reliable for the quality of the products it produces and resells. Trading food is very dangerous because it needs a very close surveillance by the owner and supervision. A part of a mouse ear at the bottom of the can may have been overlooked in the packaging. Alternatively, it may have been posed by someone with bad intentions to undermine the company's credibility. Everything is possible.

5 0
3 years ago
When a round of downsizing forced Olivia's boss, Karen, to ask Olivia to absorb the responsibilities of the laid-off grant write
KIM [24]

Answer:

A

Explanation:

6 0
3 years ago
a(n) blank market is created when a customs union lifts restrictions on the mobility of services, labor, and capital among membe
Deffense [45]

A common market is created when a customs union lifts restrictions on the mobility of services, labor, and capital among member nations.

<h3>Why was the common market formed?</h3>

Through the removal of the majority of trade barriers and the development of a unified external trade strategy, the EEC was created with the goal of establishing a common market among its members. In order to shield EEC farmers against agricultural imports, the treaty also called for the creation of a unified agricultural policy, which was implemented in 1962.

A free trade zone with a reasonably unrestricted circulation of goods and services is referred to as a common market. When it was a regional organization from 1958 to 1993, the European Economic Community was known as the "Common Market."

In a customs union, all or almost all of a country's imports, exports, and transiting commodities are subject to the same set of processes, regulations, and tariffs. Customs union participants typically have similar trade and competition laws.

Learn more about Common market here:

brainly.com/question/15242077

#SPJ4

7 0
1 year ago
All the different management fees and fund's operating costs are often referred to as a(n):
neonofarm [45]
The answer to this question is letter B. expense ratio.
All the different management fees and fund's operating costs are often referred to as <span>expense ratio.</span>
 >The expense ratio is the annual fee that all funds  charge their shareholders. It expresses the percentage of assets deduced each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund.
4 0
3 years ago
Other questions:
  • Suppose that call options on ExxonMobil stock with time to expiration 3 months and strike price $104 are selling at an implied v
    9·1 answer
  • Cheryl Adams is having trouble defining her target market for the bookstore she's opening in her town, which is home to a small
    12·2 answers
  • The ideas, things, or events people feel are important are called
    15·2 answers
  • Inferior Company sells products that are poorly made. Jock, who has never bought an Inferior product, files a suit against Infer
    5·1 answer
  • Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecord
    11·1 answer
  • The first step in the process of creating a marketing plan is to
    14·2 answers
  • Zack Shields leases a manufacturing facility that produces computer monitors. Zack tries to keep production high, because his le
    13·1 answer
  • The process of earning compound interest allows a depositor or investor to earn interest on any interest earned in prior periods
    11·1 answer
  • For a conventional, conforming loan, the borrower is making a down payment of 12%. The seller wishes to contribute to closing co
    8·1 answer
  • Rashad meets with his company’s accountant to discuss the budget of anticipated and actual expenses for each segment of the orga
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!