Answer:
a. Debit to Bad Debts Expense of $26,600
Explanation:
The computation of the bad debt expense is shown below:
= Allowance for uncollectible accounts - credit balance of allowance for uncollectible accounts
= $31,400 - $4,800
= $26,600
Hence, the first option is correct
The answer is b the type of job for which you are applying
Wait I also need help on this one of someone can help me too
Answer:
d. balance sheet: assets understated, equity understated income statement: revenues understated
Explanation:
The journal entry would be
Account receivable Dr $450
To sales revenue $450
(Being sales revenue is recorded)
Here the account receivable is debited as it increased the assets and credited the sales revenue as it also increased the revenue also the equity would be increased
Therefore if this entry is not recorded so the revenue, net income, assets and equity all are overstated
hence, the correct option is d.
Answer and Explanation:
The computation is shown below:
1 Total in Common Stock account is
= 20000 shares × $ 7 par
= $140,000
2 Ending balance in retained Earnings is
= Net income - dividends
= $100,000 - $50,000
= $50,000
3 Additional Paid in Capitalis
= (20000 shares × $1) + (300 preferred shares × $10)
= $23,000
4 Total Preferred Stock account is
= 300 shares × $ 5
= $1,500
5 Total Stockholder's Equity is
= $140,000 + $50,000 + $23,000 + $1,500
= $214,500
