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matrenka [14]
4 years ago
11

Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry

Required" in the first account field.) At the end of June, bad debt expense is estimated to be $15,000. In July, customer balances are written off in the amount of $7,500
Business
1 answer:
padilas [110]4 years ago
6 0

Answer:

Bad Debts (dr) .. to debtors (cr) =  15000

Cash (dr) .... to debtors (cr) = 7500

Explanation:

Journal is the book of recording accounting transactions.

It has following rules :

  • Debit all assets, expenses, losses
  • Credit all liabilities, incomes, gains

June : bad debt expense is estimated to be $15,000

Bad Debts A/c (debit)     15000

    to Debtors A/c (credit)         15000

{ ∵ bad debts is loss, debtors are asset }

July : customer balances are written off in the amount of $7,500

Cash A/c (debit)            7500

     to Debtors A/c (credit)       7500

{∵ cash is asset , debtors are asset }

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A firm produces three types of computers (small, medium, and large). Demand for the computers is such that 100 small, 200 medium
salantis [7]

Answer

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Explanation  

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4 0
4 years ago
The outstanding bonds of Winter Time Products provide a real rate of return of 3.00 percent. The current rate of inflation is 2.
Delicious77 [7]

Answer:

The nominal rate of return on these bonds is 5%

Explanation:

The Formula for the Real Rate of Return is

Real rate of return =Nominal interest rate - Inflation rate

So,  

Nominal interest rate=Real rate of return+Inflation rate

Nominal interest rate=3%+2%

Nominal interest rate=5%

4 0
3 years ago
If $1,000 is deposited in a certain bank account and remains in the account along with any accumulated interest, the dollar amou
Naddika [18.5K]

Answer:

The rate is greater than 8%

Explanation:

Given

\small I = 1,000 \left (\left (1+\frac{r}{100} \right )^{n}-1 \right )

<em>Missing part of question</em>

I =210

n =2

Required

Is r > 1

We have:

\small I = 1,000 \left (\left (1+\frac{r}{100} \right )^{n}-1 \right )

Substitute values for r and I

210 = 1,000 \left (\left (1+\frac{r}{100} \right )^{2}-1 \right )

Divide both sides by 1000

0.210 = \left (\left (1+\frac{r}{100} \right )^{2}-1 \right )

Add 1 to both sides

1.210 = (1+\frac{r}{100} \right ))^{2}

Take square roots of both sides

\sqrt{1.210} = 1+\frac{r}{100}

1.1 = 1+\frac{r}{100}

Subtract 1 from both sides

0.1 = \frac{r}{100}

Multiply both sides by 100

r = 10

10 > 8

<em></em>

<em>Hence, the rate is greater than 8%</em>

7 0
3 years ago
8) walter co. and sandburg industries report the following information at december 31: walter sandburg accounts receivable $41,0
True [87]

Walter Co. is a manufacturer because it uses raw materials, and has a stock of merchandise inventory, work-in-progress inventory, and finished goods inventory. The current assets of Walter Co. will be:

Current Assets:

Cash                                                          6,000

Inventories

Raw materials inventory       21,000

Work in progress inventory  40,000

Finished goods inventory      25,000

Merchandise inventory           48,000

Total inventory                                      1,34,000

Other assets

Accounts receivable                               41,000

Prepaid expenses                                     1,000

Current assets                                                               2,22,000

A manufacturing company is a company that takes in raw materials processes the raw materials and then sells the finished goods manufactured in the market. So the current assets section of the balance sheet of Walter Co. is given which will be written on the right side of the balance sheet.

Learn more about manufacturing companies here:

brainly.com/question/14942185

#SPJ4

3 0
2 years ago
Having term limits on Boards of Directors for companies forces firms to rotate leadership to get new ideas. It also creates this
yKpoI14uk [10]

The available options are the following:

-Board members serve on multiple boards

-People with knowledge of the firm's history are replaced with those who may not know as much information

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Answer:

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Explanation:

Considering the available options, the option that appears negative and related to the point being discussed is

"People with knowledge of the firm's history are replaced with those who may not know as much information."

It is straightforward, as changing the board of directors will at some point lead to a time where the new member in the board of directors will just be a competent worker but has no history with the company.

8 0
3 years ago
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