The statement that are true about credit scores are; credit scores reflect how likely individuals are to repay their debts. The credit bureau does not hide how it calculates peoples credit. The correct answer is A.
True
After bankruptsy your credit is wiped therefore in order to buy a home for example you must have a certan amount of credit so it is encourages that you build it up
The Allowance for Doubtful Accounts T-account will have the <u>estimated bad debts from the adjusting entry</u> sales discounts .
Doubtful account
An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management's estimate of the amount of accounts receivable that will not be paid by customers.
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Answer and Explanation:
The journal entries are shown below:
On Apr 2
Petty cash $290
To Cash $290
(Being the establishment of the petty cash fund is recorded)
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
On Apr 10
Mail & Postage $62
Contributions and Donations $33
Meals & entertainment $114
Cash Short and Over $4 ($290 - $62 - $33 - $114 - $77)
To Cash $213
(Being the replenishment of the fund is recorded)
For recording this, we debited the mail & postage, contributions & donations, meals & entertainment as it increased the expenses and credited the cash as it reduced the assets and the balancing figure is debited to cash short and over
On Apr 11
Petty Cash $140 ($430 - $290)
To Cash $75
For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets
Answer:
these are skills that we learn from others
