Name the old name of java

Kingston Co. uses the percentage-of-receivables basis to record bad debt expense.

Troyanec [42]

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr $2,700

To Allowance for doubtful debts $2,700

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= ($420,000 × 1%) - ($1,500)

= $4,200- $1,500

= $2,700

4 0

4 years ago

Ten years ago, Cary Company issued $1,500,000 of 7 percent, 10-year bonds at a price of 95. On the maturity date of January 2, a

vampirchik [111]

Answer:

Debit Bonds Payable for $1,500,000

Credit Cash for $1,500,000.

Explanation:

Although this bonds were issued at a discount, but the Discount on Bonds Payable account will have zero balance on the day of maturity because of the entry that has been made on each interest payment date.

Therefore, the necessary journal entry for January 2, 2019 to complete is as follows:

Debit Bonds Payable for $1,500,000

Credit Cash for $1,500,000

This entry will appear as follows:

<u>Date Name of Account DR ($) CR ($) </u>

02 Jan '19 Bond payable 1,500,000

Cash 1,500,000

<u><em> (To record retirement of 10-year bonds at maturity.) </em></u>

6 0

3 years ago

On April 1, the company retained an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the

olga55 [171]

Answer:

Journal Entries

Date Account Titles and Explanation Debit Credit

April 30 Salaries expenses $4,800

($12,000/5) * 2

Salaries payable $4,800

(To record the Accrual of salaries expense)

May 30 Salaries Expenses

($12,000/5)*3 $7,200

Salaries payable $4,800

Cash $12,000

(To record the payment of salaries expenses)

6 0

3 years ago

The ramp at railways station has a rough surface. but Why

Andrei [34K]

Answer:

The ramp on a railway station has a rough surface to increase friction so that we do not slip while walking on it. If the surface is smooth, then the frictional force between the ramp and the feet becomes less and the chances of slipping are greater

8 0

3 years ago

If interest rates increase from 9 percent to 10 percent, a bank with a duration gap of 2 years would experience a decrease in it

Rasek [7]

The duration gap is calculated by subtracting the duration of the liabilities from the duration of the activity of the financial entities. Thus, in this case, the net worth of 1.8 percent of its assets.

<h3>What do you mean by Duration Gap?</h3>

Duration Gap refers to the term used by funds, banks, pensions, or many financial institutions to estimate the risk because of changed interest rates.

Also, if we have a negative duration gap means that the market value of equity will increase when interest rates rise.

Thus, in this case, If interest rates increase from 9 percent to 10 percent, a bank with a duration gap of 2 years would experience a decrease in its net worth of 1.8 percent of its assets.

Learn more about Duration gap here:

brainly.com/question/7276068

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8 0

2 years ago

Name the old name of java​

Name the old name of java