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WARRIOR [948]
3 years ago
6

Under the allowance method, bad debts expense is recorded with an adjustment at the end of each accounting period that debits th

e Bad Debts Expense account and credits the Allowance for Doubtful Accounts. The uncollectible accounts are later written off with a debit to the Allowance for Doubtful Accounts. On December 1, after making a concerted effort, management determines that it will be unable to collect $1200 owed to it by one of its customers. This company uses the allowance method to account for uncollectible accounts. Prepare the necessary December 1 journal entry to write off this $1,200 uncollectible account journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet On December 1, after making a concerted effort, management determines that it will be unable to collect $1,200 owed to it by one of its customers. This company uses the allowance method to account for uncollectible accounts.
Business
1 answer:
Crank3 years ago
8 0

Answer:

Dr. Allowance for Doubtful Accounts...1,200

Cr. Accounts Receivable....................................1,200

Explanation:

When a specific customer's account is identified as uncollectible, the journal entry to write off the account is:

A credit to Accounts Receivable (to remove the amount that will not be collected)

A debit to Allowance for Doubtful Accounts (to reduce the Allowance balance that was previously established)

Therefore the JOURNAL ENTRIES for the $1,200 uncollectible debt will be

Dr. Allowance for Doubtful Accounts...1,200

Cr. Accounts Receivable....................................1,200

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​​Lakeside, Inc. estimated manufacturing overhead costs for the year at $371,000​, based on 180,000 estimated direct labor hours
Anna71 [15]

Answer:

D.$400 over allocated

Explanation:

For computing the over-allocated or under-allocated amount, first, we have to determine the predetermined overhead rate which is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $371,000 ÷ 180,000 hours

= $2.06

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 190,000 hours × $2.06

= $391,400

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $391,000 - $391,400

= $400 over - applied

7 0
3 years ago
A profit-maximizing entrepreneur rents an apple orchard for a day. He is a price taker in both the market for labor and the mark
yaroslaw [1]

Answer:

c. 5

Explanation:

L       Q     MPL (ΔinQ/ΔinL)    VMPL

4      52  

5      60              8                       80

6      66              6                       60

7      70               4                       40

8 72               2                       20

Note: Labour hired per day = L, Total product = Q, Marginal Product of labor=MPL, VMPL =Price*MPL

A firm will maximize the profit by increasing the number of labor as long as VMPL is higher than or equal to the wage rate. In this case, we observe that VMPL ($80)>wage rate ($75) for L=5 but VMPL ($60)<wage rate ($75) for L=6. So, the optimal number of labor to be hired is 5.

7 0
3 years ago
Which of the following statements is (are) TRUE?
tatiyna

Answer:

I. If labor and capital are perfect substitutes in production, the isoquant is a straight, downward-sloping line.  

II. If a company needs to use inputs in fixed proportion such that the capital to labor ratio is always 2, the firm's isoquants are L-shaped.

Explanation:

Perfectly substittuable goods have straight downward sloping ICs, and have corner solutions .

Complementary goods (used in fixed proportions) are L shaped always , In case of min(x,y) function, the answer is the value of x or y which ever is minimum and not their sum.

Therefore, Only statements I and II are true.

4 0
3 years ago
Read 2 more answers
Strategic positioning attempts to achieve sustainable competitive advantage by ______.
matrenka [14]

Its achieve by preserving what is distinct about the company.

Strategic positioning is basically an effort made by an organization in order to distinguishes itself in a valuable way from its competitors and delivers value to clients in way different from others.

  • According to Porter, he states that a "company's relative position within its industry matters for performance".

  • A proper strategic positioning have a way of influencing how customers perceive a product in relation with other competitors product.

In conclusion, this type of positioning helps to achieve sustainable competitive advantage by preserving what is distinct about the company.

Learn more about Strategic positioning here

<em>brainly.com/question/8999192</em>

5 0
2 years ago
I'm selling candy and need tips.
krok68 [10]
I would love to help you! I will talk to you in a PM. Talk to you then : )
4 0
3 years ago
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