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
irina1246 [14]
3 years ago
13

A company has $ 235 comma 000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The

Allowance for Doubtful Accounts now has a $ 7 comma 570 credit balance. If the company estimates 6​% of credit sales will be​ uncollectible, what will be the amount of the journal entry to record estimated uncollectible​ accounts?
Business
1 answer:
Paul [167]3 years ago
3 0

Answer:

$14,100

Explanation:

The computation of the amount record estimated uncollectible​ accounts are shown below:

= Credit sales × estimated percentage

= $235,000 × 6%

= $14,100

We simply multiply the credit sales with the estimated percentage so that the accurate amount can come

The journal entry is shown below:

Bad debt expense A/c Dr  $14,100

  To Allowance for doubtful debts  $14,100

(Being the adjusting entry is recorded)

You might be interested in
If the Fed increases the money supply and as a result, households and firms buy more short-term financial assets, the prices of
Ede4ka [16]

Answer:

rise, fall

Explanation:

Money supply refers to the total value of money in the form of currency and other liquid instruments available in an economy.

It includes cash, coins, and other near money substitutes.

Money supply is measured as it influences various activities taking place all around us in the economy.

A larger money supply leads to <u>fall</u> in interest rates. As a result, the prices of those short-term financial assets will <u>rises.</u> Conversely, smaller money supplies leads to rise in interest rates which in turn leads to fall in prices of the short-term financial assets.

3 0
3 years ago
The people of Texas authorize the borrowing of money on behalf of government through
Pachacha [2.7K]

Answer:

The people of Texas authorize the borrowing of money on behalf of government through:

  • Special Elections

Explanation:

  • The special elections generally are held to fill the vacant seat of member of house of representative in case of death or resignation and are called by the governor.
  • The special elections in Texas are held to fill the vacant seat of member of house of representative, to give approval for the borrowing of money on the behalf of government and to ratify the amendments occurred in the constitution of the state.

3 0
3 years ago
True or false: Many companies are discontinuing defined-benefit plans and moving toward defined-contribution plans, which shifts
julsineya [31]

Answer:

False

Explanation:

A defined benefit pension plan is a type of pension plan where the employer gives a promise with respect to the particular pension payment that could be lumpsum for the retirement basis

Since in the question it is mentioned that the companies would not continue with the defined benefit plan and they move to the defined-contribution plans that save for the retirement so that it would create the more responsibility over the company due to this they would provide the retirement benefit but this statement is false as it is better to received the lumpsum amount

5 0
3 years ago
In the month of June, a department had 20,000 units in Beginning Work-in-Process that were 70% complete. During June, 90,000 uni
BigorU [14]

Answer:

110,000 units

Explanation:

<u>Calculation of the equivalent units of production for materials in June</u>

Beginning work in process                                              20,000

Units started and completed (90,000-10,000)               80,000  

Ending work in process                                                    <u>10,000</u>

Equivalent units of production for materials for June <u>110,000</u> units

3 0
3 years ago
Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2
ehidna [41]

Answer:

April 2

Inventory 4,600 debit

Account Payable 4,600 credit

April 3

freight-in 300 debit

cash 300 credit

April 4

account payable 600debit

Inventory 600credit

April 17

Account Payable 4,000debit (4,600 - 600)

Discount 80debit (4000 * 2%)

Cash 3,820credit

April 18

Inventory 8,500 debit

Account Payable 8,500 credit

April 21

Account Payable 1,100debit

Allowance Inventory 1,100

April 28

Account Payable 7400debit (8,500 - 1,100)

Discount 148debit (7400 * 2%)

Cash 7252credit

5 0
3 years ago
Other questions:
  • Robin works for a small firm with only enough money budgeted to use one test to help with hiring decisions. What kind of test wo
    9·1 answer
  • Jim&amp;Jenny Inc, an investment service firm, regularly donates to nonprofit organizations for various social causes and events
    10·1 answer
  • "what are the key steps in retirement planning
    12·1 answer
  • A key to economic growth and development is to:
    12·1 answer
  • Cullumber Wok Co. is expected to pay a dividend of $1.80 one year from today on its common shares. That dividend is expected to
    5·1 answer
  • Trails End Vacations has a $2,200 account receivable from the Sun City Kiwanis. On March 11, the Kiwanis makes a partial payment
    12·1 answer
  • Suppose the required reserve ratio is 10% and the banking system initially has no excess reserves. If $20 billion in new currenc
    14·1 answer
  • A client who has been training at high intensities in preparation for a triathlon reports joint pain, excess fatigue, and the in
    12·1 answer
  • Suppose Cho comes into a large sum of money and decides to lend it out to
    5·1 answer
  • PLEASE HELP QUICK!! 30 POINTS &lt;3 What is a skill you could practice now that would be MOST likely to help you if you pursue a
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!