1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
san4es73 [151]
4 years ago
10

Accounts receivable $ 443,000 Debit Allowance for Doubtful Accounts 1,330 Debit Net Sales 2,180,000 Credit All sales are made on

credit. Based on past experience, the company estimates 3.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Business
1 answer:
tresset_1 [31]4 years ago
7 0

Answer:

Journal Entry

Dr. Bad Debt Expense                         $16,835

Cr. Allowance for Doubtful Accounts $16,835

Explanation:

Allowance for Doubtful Accounts is normally has credit balance because it is a contra asset account which is adjusted against the Account Receivable. As per given data the Allowance for Doubtful Accounts has debit balance. At the end of the year this account should show the credit balance by 3.5% of Closing receivables. So, we need to adjust this debit balance and the 3.5% Allowance for the year as well.

Allowance for the year = Accounts receivable balance x 3.5% = $ 443,000 x 3.5% = $15,505

Expense for the year  = $15,505 + 1,330 = $16,835

You might be interested in
According to the Census Bureau, in October 2016, the average house price in the United States was $354,900. In October 2000, the
Mars2501 [29]

Answer:

3.18%

Explanation:

Calculation for the annual increase in the price of the average house sold

We are suppose to use this formula FV = PV (1+r)^t but since we are looking for R the formula to use will be:

R = (FV / PV)^1/16– 1

Let note that 2016-2000 will give us 16 years

Where,

FV=$354,900

PV=$215,100

Let plug in the formula

R= ( $354,900/$215,100 )^1/8)16– 1

R=(1.6499)^1/16-1

R=1.0318-1

R=0.0318×100

R=3.18%

Therefore the annual increase in the price of the average house sold will be 3.18%

4 0
4 years ago
Generally, a board member who is a source of information about a firm's day-to-day activities is classified as a(n) __________ d
kvasek [131]

Generally, a board member who is a source of information about a firm's day-to-day activities is classified as a(n)<u> inside </u>director.

A director is a person on the company's board of directors who acts as the governing body of the organization. The board of directors, often elected by the company's shareholders, creates policy for the company as a whole and oversees leadership positions in the organization. They guide, advise and run the organization.

Board members are part of the governing body of the organization. Committed to the long-term interests of the organization, they meet regularly to oversee and direct operations, set policy, approve business decisions, evaluate operating performance, and carry out fiduciary responsibilities.

The board membership application process includes several steps. In most corporate boards, a nominating committee interviews candidates and decides who should join the board. Board members then vote on whether to elect the candidate selected by the nominating committee.

Disclaimer: Learn more about board members here  brainly.com/question/28140899

#SPJ4

4 0
1 year ago
Creating policies for health and safety is part of which risk management strategy?
ivolga24 [154]
It can be C because it's accepting the risk to do it

But it can also be B because it's sharing the risk with everyone else
8 0
3 years ago
AIDA represents attention, interest, desire and
Inessa [10]
The Answer Is Option A, Action
5 0
3 years ago
Why would a government want to use expansionary fiscal policy to help stimulate aggregate demand if, in the long run, we would e
Oksana_A [137]

Answer:

It could take a long time for prices to adjust by market forces alone.

Explanation:

Based on the information provided within the question it can be said that the the government would want to do this mainly due to the fact that It could take a long time for prices to adjust by market forces alone. Therefore by using expansionary fiscal policy they would speed this process up and get prices adjusted in a much shorter time-frame.

8 0
3 years ago
Other questions:
  • Tustin Corporation has provided the following data for its two most recent years of operation: Selling price per unit $ 68 Manuf
    7·1 answer
  • How do product managers manage their product mix
    15·1 answer
  • A cost imposed on someone who is neither the consumer nor the producer is called a
    8·1 answer
  • True or false? data warehousing is the process of extracting data from a data warehouse.
    6·1 answer
  • Which of the following will not increase the demand for hot dogs (i.e. which will not shift demand to the right)?
    6·1 answer
  • Knowledge Check 04 On December 29, 2015, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumul
    8·1 answer
  • Sam manages a grocery store in a country experiencing a high rate of inflation. to keep up with inflation, he spends a lot of ti
    9·1 answer
  • Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on January 29. Using the specific identificatio
    11·1 answer
  • Compute the discounted payback period for a project with the following cash flows received uniformly within each year and with a
    5·1 answer
  • ______ helps managers understand work flow, select the best applicants for jobs, improve employees' job performance, and ensure
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!