Answer:
A. Debit: Bad Debt Expense 2,500
Credit: Allowance for Doubtful Accounts 2,500
250,000 x .01 = 2,500
B. Debit: Bad Debt Expense 2,750
Credit: Allowance for Doubtful Accounts 2,750
3,000 - 250 = 2,750
Answer:
A. UPC
Explanation:
A UPC is an acronym for universal product code. UPC is typically used for the identification of a specific product and its manufacturer (vendor) through a unique code that is printed on the product.
Basically, a universal product code (UPC) comprises of two (2) main parts;
- A machine-readable barcode that contains sets of vertical black lines.
- A unique twelve (12) digit number placed beneath or adjacent to the machine-readable barcode.
The first six-digits of the UPC represents the manufacturer and is printed on all of its products while the next five-digits is the product's unique reference number (item number) and the last digit is typically known as a check digit, used for the verification of the authenticity of a UPC.
Generally, the universal product code are usually scanned with a barcode scanner and this makes it easier to identify a product, as well as its price.
<em>Hence, a universal product code (UPC) contains data that identifies a product. </em>
The entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.
<h3>What is Accounts Receivable?</h3>
Accounts Receivable can be defined as the amount a company is expected to receive from their clients or customers for the goods and service they rendered to their clients.
Based on the information given the appropriate journal entry to record the transactions is:
Debit Cash
Credit Account receivable
(To record the receipt of cash)
Inconclusion the entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.
Learn more about account receivable here:brainly.com/question/24848903
Providing and recording documents are performed by : The closing agent
<h3>Who is a
closing agent?</h3>
Closing agents are basically professionals who acts directly for the buyer by making interest of the buyer known to the seller. They are usually associated with real estate transactions.
A closing agent could be a lawyer speaking to a bank or lender. The actual closing is conducted by a closing agent who might be a worker or employee of the lender or the title company or organization.
Other duties of a closing agent are :
- Ordering title work and a property survey.
- Issuing commitment title.
- Assisting with obtaining requisite insurance
- Issuing and sending the title insurance policy to both the buyer and lender
- Assembling the loan closing package .
Therefore, closing agent responsible for providing and recording documents.
Learn more about closing agent here : brainly.com/question/8023863
