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
lions [1.4K]
3 years ago
14

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,

C. Green. On March 9, it receives a $300 payment from Green. Prepare the journal entry or entries for January 31. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green.
Business
1 answer:
Zielflug [23.3K]3 years ago
8 0

Answer:

Gomez Corp. Journal entry

1. 31-Jan

Dr Allowance for doubtful accounts $800

Cr Accounts receivable - C. Green $800

2. 9-Mar

Dr Accounts receivable - C. Green $300

Cr Allowance for doubtful accounts $300

3. 9-Mar

Dr Cash $300

Cr Accounts receivable - C. Green $300

Explanation:

1. On January 1 Gomez Corp was said to use the allowance method to account for uncollectibles which means we have to record the write off as uncollectibles by Debiting Allowance for doubtful accounts with $800 and Credit Accounts receivable - C. Green with the same amount.

2. On March 9, receives a payment of $300 from Green which means we have to record the accounts receivables reinstated by

Debiting Accounts receivable - C. Green with $300 and Crediting Allowance for doubtful accounts with same amount.

3. Since it receives a payment of $300 from Green on March 9 we have to record cash receipt by Debiting Cash with $300 and Crediting Accounts receivable - C. Green with $300.

You might be interested in
You are scheduled to receive $10,000 in one year. what will be the effect of an increase in the interest rate on the present val
kiruha [24]
I think it is d but i am not sure i aint that good at this stuff 
5 0
3 years ago
Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
BartSMP [9]

Answer:

The correct answer is d. Going concern assumption .

Explanation:

The ongoing business is an accounting term for a company with the necessary resources to continue operating without the threat of a liquidation in the foreseeable future, generally considered as at least within twelve months. It implies for the business the declaration of intention to continue with its activities at least during the next year.

This is a basic hypothesis to prepare your financial statements, which means that the company has no need or intention to liquidate or actually reduce its operations. This term also refers to a company's ability to earn enough money to stay afloat or avoid bankruptcy.

4 0
3 years ago
Do you think governments should consider human rights when granting preferential trading rights to countries? What are the argum
kotykmax [81]

Explanation: I think that governments should consider human rights in privileged trade with countries, so the answer is: <em>yes</em>. Human rights are first and foremost a moral principle that provides a framework for human behaviour, more precisely the ideas and ideals of moral behaviour that are prescribed by many international instruments. This means that human rights are, in fact, fundamental rights of literally everyone, regardless of race, nation or language. It is true that the goal of trade is profit, but that is why there are international laws that protect human rights and provide a framework for moral human behaviour. The protection of human rights as such is also a compulsory part of foreign policy under international law, and thus an integral part of the foreign policy of many countries, and more precisely those who respect and enforce these laws. Preferential trade rights usually refer to lowering tariffs and other preferential terms in transactions, and thus as part of a country's foreign policy may be a contribution to improving human rights with those engaged in trade. Again, if a country respects international laws of business and human rights, it should be privileged when trade is at stake, but if that country itself does not carry out its human rights policies consistently, or even threaten them among its people, then it should restrict trade with such countries. So not only should such a country not be privileged when it comes to trade, but some of the economic sanctions under international law should also be considered.

7 0
3 years ago
Maymart Inc sells its products at the lowest prices in the industry, and it believes that this is the best way to stay ahead of
Y_Kistochka [10]

Answer:

A) The cost leadership strategy

Explanation:

Cost leadership is providing the service or supply of product without compromising the quality of service or product supplied.

In the given instance also, Maymart supplies goods without any decrease in quality standards that is goods are completely acceptable by customers, and that the goods are supplied at least price in the industry, this provides a competitive advantage to the company, by cost leadership.

As cost is least for consumer for same quality as demanded.

7 0
3 years ago
Inventory is an _____ . asset expense none of the above
Natalka [10]

Answer:

Inventory is an Asset.

Explanation:

Inventory is an asset because when a company buys an asset, they are investing in it, because they will sell it and make revenue/profit from it.

8 0
3 years ago
Other questions:
  • "Luffman Inc. owns 30% of Bruce Inc. and appropriately applies the equity method. During the current year, Bruce bought inventor
    6·1 answer
  • J. crew teaming up with several famous brands, including belstaff and timex, to offer exclusive products in the j. crew stores a
    5·1 answer
  • Use the following information to determine the break-even point in units (rounded to the nearest whole unit): Unit sales41,000 U
    9·1 answer
  • Sarah’s Organic Soap Company makes organic liquid soap. One of the raw materials for her soaps is organic palm oil. She needs 90
    8·1 answer
  • A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits bu
    15·1 answer
  • The mean of a set of data is 5.07 and its standard deviation is 3.39.
    9·1 answer
  • A company had beginning assets and liabilities were Rs. 100,000 and Rs. 50,000 respectively.
    15·1 answer
  • A marketing research agency conducted a study to determine the reasons for the decreased sales of a line of fishing equipment at
    12·1 answer
  • A company makes travel umbrellas. Its fixed costs are $1000 a week and its variable costs for one batch of umbrellas are $500 fo
    8·1 answer
  • Monroe minerals company purchased a copper mine for a 126,500,000 the mine was expected to produce 50,000 tons of copper over it
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!