I would talk about how always telling the truth has pros and cons. state whichever you personally believe in your thesis. never telling the truth can cause trust issues, getting into trouble, losing friends, etc. while always telling the truth can hurt people’s feelings, make yourself seem annoying or like a complainer
<span>Importers' bank usually issues a time draft to importers in international transactions.
A time draft is a form of payment guaranteed by the bank to be paid but is not paid in full until after the transaction is made. This helps insure someone is going to get paid but acts as a downpayment until the delivery is finished. These are commonly used in international trade transactions to stand as a "good credit" for the importer. </span>
Answer:
True
Explanation:
It refers to the date when the event that caused the damage happened wether it is before or after policy period in order to ascertain the validity of loss claim.
Answer:
a medium of exchange
a unit of account
a store of value,
Explanation:
Functions of money
1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans
2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans
3. Store of value : money can retain its value over the long term, this it can be used as a store of value
Answer:
The amount of uncollectible accounts is calculated as follows:
Amount of uncollectible accounts to be adjusted = 6% * Account receivables
= 6% * $138,500
=$8,310
Therefore, amount of uncollectible accounts is $8,310.
Bad debt Expenses = Opening balance of allowance for doubtful account (Credit balance) - Uncollectible account
Bad debt Expenses = $8,310 - $1,005
Bad debt Expenses = $7,305
The journal entry to record allowance for bad debts is as follows:
Account Titles and Explanation Debit Credit
Bad debt Expenses $7,305
Allowance for doubtful account $7,305
(To record adjusting entry for bad debt)