Answer:
Debit Allowance for doubtful debts $1,200
Credit Accounts receivable $1,200
Being entries to write off uncollectible debt on December 1
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.
Answer:
The correct answer is letter "B": Identification of cost pools, identification of cost drivers, calculation of pool rates, assignment of cost to products.
Explanation:
Activity-Based Costing or ABC is a managerial accounting method that assigns certain indirect costs to the products incurring the bulk of those costs. ABC is primarily used in the manufacturing sector to make a better calculation of the true cost of production per unit. For that purpose, ABC follows this sequence:
1) Identification of the activities for the creation of the product
2) Divide the activities into cost pools
3) Assign each cost pool to a cost driver
4) Calculation of the cost driver rates
5) Assignment of cost to products
<u>Answer:</u> The correct answer is Option b.
<u>Explanation:</u>
Photosynthesis reaction is defined as the process in which plants make their own food with the help of carbon dioxide and water in the presence of sunlight. The energy is captured in the form of ATP during this process.
For the given options:
- <u>Option a:</u> Elimination
Elimination reactions are defined as the reactions in which a kind of atoms or groups of atoms leave the molecule. This process is not seen in photosynthesis reaction.
- <u>Option b:</u> Cellular respiration
Chemical energy stored in food is the source of the energy that is required to regenerate ATP. The process in which energy is released from food by a series of enzyme-controlled reactions is called cellular respiration.
- <u>Option c:</u> Absorption
Absorption is defined as the process which involves a reaction between the substance being absorbed and the absorbing medium.
- <u>Option d:</u> Digestion
Digestion is defined as the process by which complex food molecules are broken down into simple molecules that can be absorbed by the body for nutrition.
- <u>Option e:</u> Transpiration
Transpiration is defined as the process where plants absorb water through their roots and then give off water vapor through the pores from their leaves.
From the above information, the correct answer is Option b.
