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VARVARA [1.3K]
2 years ago
15

On February 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on February

1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. Debit Allowance for Doubtful Accounts $2,300; credit Bad Debts Expense $2,300. Debit Accounts Receivable $250; credit Allowance for Doubtful Accounts $2,300. Debit Bad Debts Expense $2,300; credit Accounts Receivable $2,300. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300.
Business
1 answer:
Lesechka [4]2 years ago
7 0

Answer:

Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300

Explanation:

The journal entry is shown below:

Allowance for Doubtful Accounts A/c Dr $2,300

             To Accounts Receivable A/c $2,300

(Being the written-off amount is recorded)

Since we have to record this journal entry so we debited the Allowance for Doubtful Accounts A/c and credited the account receivable account so that the correct posting can be done.

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"A company has a defined benefit pension plan for its employees. On December 31, year one, the accumulated benefit obligation is
tester [92]

Answer:

$6,100

Explanation:

Data given in the question

Accumulated benefit obligation = $45,900

Projected benefit obligation = $68,100

Fair value of the plan assets = $62,000

So, by considering the above information, the benefit plan recognized is

= Projected benefit obligation - fair value of the plan assets

= $68,100 - $62,000

= $6,100

Hence, the accumulated benefit obligation is ignored

7 0
3 years ago
Which type of offense involves situations where businesses charge customers different prices based on their gender, race, religi
allsm [11]

Answer:

Differential pricing

Explanation:

Differential pricing , also known as discriminatory pricing is a pricing strategy in which the same product are sold to different customers at different prices.It enables companies to take advantage of unique customers valuation.

Even though is mostly seen as a legal way of pricing just like the other pricing methods , but in a situation where it is biased towards a category of people because of their tribes , gender  religion other discriminatory factors , it becomes an illegal act.

4 0
2 years ago
Making formal statements, engaging in rites and rituals, utilizing employee training and coaching, demonstrating how a leader re
yuradex [85]

Answer:

The correct answer is Effect Corporate Change

Explanation:

Corporate change arises not only from the change in hierarchical structure, but from the beliefs, culture and values ​​by which one company can be recognized against others. And this change is mainly due to the treatment and the possibilities they offer in personal growth from the highest ranking boss to the person with the lowest level of authority. These actions allow a better development in the market, since they have updated competences that allow them to head towards the market effectively.

5 0
3 years ago
Read 2 more answers
A process costing system is employed in those situations where: many different products, jobs, or batches of production are bein
nikitadnepr [17]

Answer:

The answer to this question is option B.  where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.

Explanation:

Product costing is the accounting process of determining all business expenses pertaining the creation of company products. These costs can include raw material purchases, worker wages, production transportation costs and retail stocking fees.

Process costing is commonly used by companies operating in mass production of similar or identical products since the products go through the same processes.  

From the above explanation the best answer is B where manufacturing involves a single, homogeneous product that flows evenly through the production process on a continuous basis.

8 0
3 years ago
Consider an investment in which a developer plans to begin construction, of a building that will cost $1,000,000, in one year if
NeTakaya

Answer:

$300,000

Explanation:

Calculation to determine what would the land value be at the completion of the construction, under the real options approach

First step is to calculate the property worth

If NOI =$160,000

Capitalization rate = 10%

Property will worth =$160,000/10%

Property will worth =$1,600,000

Land value = $1,600,000 - $1,000,000 = $600,000

Second step is to calculate the property worth $

If NOI =$80,000

Capitalization rate = 10%

Property worth=$80,000/10%

Property worth =$800,000

Land value of $800,000 will be 0 reaosn been that the property cost is lower than the construction cost Base

Now let calculate the land value

Land value = 50%($600,000) + 50% ($0)

Land value = $300,000

Therefore what would the land value be at the completion of the construction, under the real options approach is $300,000

6 0
2 years ago
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