Answer:
The journal entry is shown below:
Explanation:
The journal entry for writing off the amount through using the Allowance Method is as:
Allowance for Bad debts A/c.............................Dr $300
Accounts Receivable A/c...........................Cr $300
While writing off the amount of bad debt, the allowance for bad debts account is debited against the accounts receivable account.
The journal entry which is to be recorded for reversing the write off through using the Allowance Method:
Accounts Receivable A/c...........................Dr $300
Allowance for Bad debts A/c......................Cr $300
So, for reversing the original entry would be reversed, which means the accounts receivable account is debited as the payment is received and the bad debts got decrease, which means the allowance for Bad debts is credited.
The right answer for the question that is being asked and shown above is that: "TRUE." Consumers have the right to be protected against false and misleading information about goods and services. This statement is true as far as the consumer's right is concerned.
Answer:
May 20
No Entry
June 14
Dr. Dividends $255,000
Cr. Dividend Payable $255,000
July 14
Dr. Dividend Payable $255,000
Cr. Cash $255,000
July 31
Dr. Retained Earnings $255,000
Cr. Dividend $255,000
Explanation:
Dividend = $0.5 x 510,000 = $255,000
May 20
Dividend is declared, No entry is required
June 14
Dividend to be recorded on this date. As dividend is not paid yet so it will be recorded as payable and on the other hand dividend account is debited to make a contra capital account of dividend.
July 14
Dividend is paid as cash is paid so, it will be credited and the liability is reduced so, it will be debited.
July 31
At the end of the period we have to adjust the Dividend Contra capital account in retained earning to make the dividend account zero.
Answer: all publicly available information(C)
Explanation:
The efficient market hypothesis states that the market can't be beaten because it consists of all vital information into current share prices, thereby stocks trade at values which are fair. The theory consists of three versions which are the weak, semi-strong and the strong form.
The semi-strong form states that the value of a security is based on all publicly available information
because public information is a vital aspect of a stock's current price, and the investors can utilize the fundamental or technical analysis, though available information .
Answer:
Results are below.
Explanation:
Giving the following information:
Initial investment= $2,000
Ineterest rate= 2%
Number of years= 6 years
<u>First, we will calculate the future value if the interest is compounded annually, semiannually, and quarterly:</u>
FV= PV*(1+i)^n
<u>Annually:</u>
n= 6
i= 0.02
FV= 2,000*(1.02^6)
FV= $2,252.32
<u>Semiannually:</u>
n=12
i= 0.02/2= 0.01
FV= 2,000*(1.01^12)
FV= $2,253.65
<u>Quarterly:</u>
n= 24
i=0.005
FV= 2,000*(1.005^24)
FV= $2,254.32
<u>Now, if instead of compounding interest, it is simple interest:</u>
FV= (PV*i*n) + PV
FV= (2,000*0.02*6) + 2,000
FV= $2,240
