Answer:
In summary, types of business entity should be differentiated in Ownership; ... Credit transactions: the buyer does not have to pay for the item on receipt, but is allowed ... Dr.Cash 600 Cr.Irrecoverable debt expense 600 8.2 An allowance for ... the day is as follows: Assets Capital + Liabilities (Inventory $50)
Explanation:
Answer:
c: C increases by $8,500 and the MB increases by $8,500
Explanation:
If the Federal Reserve buys $8,500 in securities from non-bank public and then payment is kept from the bank in form of cash, theC increases by $8,500 and the MB increases by $8,500
Answer and Explanation:
The Journal entry is shown below:-
a. Bad Debt Expense Dr, $36,800 ($40,000 – $3,200)
To Allowance for Doubtful Accounts $36,800
(Being the bad debt expense is recorded)
For recording this we debited the bad debt expense as it increased the expenses and at the same time it reduced the assets so the allowance for doubtful accounts is credited
b. Bad Debt Expense Dr, $40,730 ($40,000 + $730)
To Allowance for Doubtful Accounts $40,730
For recording this we debited the bad debt expense as it increased the expenses and at the same time it reduced the assets so the allowance for doubtful accounts is credited
Answer:
Business economics often handles the analysis of various costs that business firms incur. Every business always desires to minimize their costs and maximize its profits by embracing different economies of scale. Nonetheless, the firms fail to determine exact costs that are involved in the production process.