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Gnoma [55]
3 years ago
12

At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $2,400 (credit) before adjustmen

t.
The company estimates future uncollectible accounts to be $12,000.

What adjustment would Dahir record for Allowance for Uncollectible Accounts?
Business
1 answer:
mafiozo [28]3 years ago
8 0

Answer:

The adjustment Dahir would record for Allowance for Uncollectible Accounts:

Debit Bad debts expense $9,600

Credit Allowance for Doubtful Accounts $9,600

Explanation:

At the end of the year, before adjustment, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $2,400 (credit).

The company estimates uncollectible accounts to be $12,000

Bad debts expense = $12,000 - $2,400 = $9,600

The adjustment to record Allowance for Uncollectible Accounts:

Debit Bad debts expense $9,600

Credit Allowance for Doubtful Accounts $9,600

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Suppose someone borrows $552,000 today to buy a house in Davis, CA. If the annual interest rate is 4%, with monthly compounding,
galina1969 [7]

Answer:

Monthly Repayment on Loan  = $2634.06

Explanation:

given data

principal =  $552,000

annual interest rate = 4% = 0.333% monthly

solution

for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months

so now we apply here Monthly Repayment on Loan formula that is

Monthly Repayment on Loan  = principal ×  \frac{r(1+r)^t}{(1+r)^t -1}    .................1

put here value and we get

Monthly Repayment on Loan  = 552000 × \frac{r(1+0.333)^{360}}{(1+0.333)^{360} -1}    

Monthly Repayment on Loan  = $2634.06

4 0
2 years ago
The Planning process team is progressing. The team has involved a number of expert opinions in trying to approximate the costs n
Andrei [34K]

Answer:

Chart of accounts.

Explanation:

Chart of account set up the codes which is used to determine the project cost. Under chart of account each account is assigned unique number and name. Example of chart of accounts include balance sheet accounts, asset accounts, liability accounts, revenue accounts, expenditure accounts, etc.

Chart of account is usually used by an organization to show that what amount of money is received or spent by each class of items. By segregating expenditure, revenues, liability, assets, etc. it provide better understanding to an organization about financial health.

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2 years ago
A partner withdraws from a partnership by selling her interest to another person who currently is not associated with the firm.
spin [16.1K]

Answer: Option A

Explanation: The given case relates to the problem of dissolution of partnership and not the dissolution of firm.

In case of dissolution of partnership only the existing agreement among the partners ceases to exist due to leaving or joining of new partners and a new agreement takes place among the existing partners.

In such a case, the account balance of the partner remains same. It changes in case of dissolution of firm.

Hence the correct option is A.

3 0
2 years ago
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An economy is the massive set of inter-associated production and consumption sports that are useful resources in determining how scarce sources are allotted. In a financial system, the manufacturing and intake of products and services are used to fulfill the wishes of these living and working within it.

The economy is defined because of the management of monetary topics for a community, business, or circle of relatives. An instance of an economic system is the stock market device within the US.

Learn more about economy here brainly.com/question/1106682

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7 0
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The cost of financing the national debt (in terms of average interest rate paid on the debt) has generally _____ over the last 3
Sloan [31]
<span>d) stayed the same would be the answer </span>
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