Answer:
a. Debit Allowance for doubtful debt $4,398
Credit Accounts receivable $4,398
Being entries to write off receivable due from Madonna Inc.
b. $739,480 before and after the write-off
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
The realizable value of accounts receivable before the write off is the net of the accounts receivable and the allowance for doubtful debt
= $762,000 - $22,520
= $739,480
This amount remains the same after the write off as the write off will reduce the balances in both the allowance for doubtful debt account and accounts receivable.
Macroeconomics explains the behavior of individual households and business firms; microeconomics is concerned with the behavior of aggregates or the economy as a whole False.
A member of a business organization that owns or operates one or more branches. "He worked for a brokerage firm," a housing company, a corporation - a trading company whose articles of incorporation are approved in any state. Product design and reliability, services provided by the product, and ease of access. Products; Prices - Each firm faces its own downward slope demand curve as they produce differentiated products.
- Natural resources: Anything taken directly from nature without prior transformation (soil, air, water, wood, etc.).
- Capital: Funds required to invest in tools, machinery, equipment and technology.
- Human Resources: The physical and mental capabilities of workers.
- Entrepreneurship: Innovative ideas that shape business models.
Learn more about individual households here:
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Answer:
ASRC advertising self regulatory council
The answer is TRUE.
Credit card statements can be beneficial since they have a track of all your expenses. Some even have year-end summaries that help out during tax time.
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