Answer:$19500
Explanation:
The provision for doubtful debts accounts is an account that shows the amount of estimated debts that are expected to go bad at the end of the year. The estimated amount at the end of a year is debited to income account, credited to debtors account and left as a credit balance on the provision for doubtful debts accounts.
If at the end of a new year a new estimate is made which differs from the current estimated figure, then the account is adjusted to show the entire new estimate and that is why the answer to the question is 3% of $650,000 = $19,500.
How the constitution differs from the Articles of the Confederation.
The Constitution of the United States was created on September 7, 1787, and ratified on June 21, 1788. It is the present constitution of the United States, although it has been amended many times.
The Articles of Confederation were the first introduced constitution of the United States. It was created on November 15, 1777, and ratified on March 1, 1781.
<h2>Further Explanation</h2>
The Constitution of the United State operates the bicameral legislature, which consists of the senate and the House of Representatives. It is also known as CONGRESS. There are up to 2 senators from each state and the numbers of representatives depend on the actual population of each state. Members of Congress are elected by the people and the voting in congress is one vote per one representative. There is also an executive arm of government headed by the PRESIDENT.
The Articles of Confederation operates unicameral legislature, also known as the CONGRESS. There are 2 to 7 members that represent each state. The voting pattern in congress is one vote per state and the members of congress are appointed by the state legislators. The executive arm of government is not recognized in the articles of the confederation.
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KEYWORDS:
- articles of the confederation
- constitutions
- united states
- president
- executives
- legislators
- bicameral
- unicameral
Answer:
The accumulated value of the deposits at the end of 9 years is <u>$11,242.18</u>
Explanation:
Note: Find attached the excel file for the calculation.
Since the deposits are made into the account at the end of each year, interest will be earned on the opening balance for each year since it remains the account for 12 months.
No interest will be earned on the deposit of $1,000 made at the end of each year.
The opening balance, interest earned and the deposit for each year are then added together to obtain the closing balance for each year.
Since the closing balance for year 9 is <u>$11,242.18</u>, this is therefore the accumulated value of the deposits at the end of 9 years.
Answer:
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
Explanation:
Given;
Insurance policy was purchased on July 10 to run for 3 years.
Cost of policy = $72,000
Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)
Monthly depreciation = $72,000/(3 × 12)
= $2,000
Total amortization between August and December = 5 × $2,000
= $10,000
Journal entries
Debit Insurance expense $10,000
Credit Prepaid Insurance $10,000
Being entries to recognize insurance expense for the period (August to December).
