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
Ad libitum [116K]
3 years ago
13

Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) [The following information applies to the ques

tions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $37,400. September 17, 2021 Receive $22,000 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $52,400. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $42,000 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.
Business
1 answer:
konstantin123 [22]3 years ago
8 0

Answer:

JOURNAL ENTRIES related Accounts Receivables

2021

12 June Debit Accounts receivable $37,400 Credit Service Revenue $37,400

17 Sep Debit Bank $22,000 Credit Accounts receivables $22,000

31 Dec Debit provision for doubtful debts adjustment (expense) $6,930 Credit Provision for bad debts $6930

2022

4 Mar Debit Accounts receivable $ 52400, Credit Service revenue $52,400

20 May Debit Bank $10,000 Credit Accounts receivables $10,000

19 Oct Debit Bank $42000 Credit Accounts receivables $42,000

31 Dec Provision for bad debts adjustment $180 Credit provision for bad debt $180

Explanation:

2021

provision for bad debts beginning = $0

adjustment                                       = $6930

closing (15400 *0.45)                      =$6930

an increase in provision or allowance in doubtful debts is an expense

2022

Provision for bad debts opening $6930

Adjustment                                     $180

closing (15800*0.45)                     $7110

You might be interested in
A developer purchased three oceanfront lots, each measuring 75 by 110 feet, for $20 per square foot. The developer later sold th
AleksAgata [21]

Answer: 21%

Explanation: The developer purchased 3 properties and he can buy each property for $20 per square foot.

Therefore: 75 × 110 =8250 square feet.

8250 × $20 = $165 000 per lot.

Each lot was sold for $200 000. Which means the developer made profits of:

$200 000 - $165 000 = $35 000 per lot.

The percentage of profit on each lot is:

Percentage of profit on cost amount:

= \frac{35 000}{165 000}

= 0.2121212 recurring × 100

= 21,21%

Percentage of profit on sale amount:

= \frac{35000}{200000}

= 0.175 × 100

= 17,5%

3 0
3 years ago
As the basis for the first section of your lab report. This section provides your reader with background information about why y
docker41 [41]

Answer:

Explanation:

This organism may be identified by its color, the spines on its back, the antennae, and therefore the long, thin body. There are many other characteristics that might even be wont to identify this organism.

7 0
3 years ago
f the unemployment rate is 8 percent, this means: a. 8 percent of the population is unemployed. b. 8 percent of the population o
hodyreva [135]

Answer:

c. 8 percent of the labor force is unemployed.

Explanation:

<em>The Unemployment Rate measures the percentage of the total labor force that is unemployed while actively seeking employment during the previous month</em>. If the unemployment rate is 8 percent, this means 8 percent of the labor force is unemployed. That also means, <u>out of all the people actively seeking employment during the previous month, 8 percent are still unemployed or jobless.</u>

3 0
3 years ago
Is a business cycle a type of recession?<br> yes or no?
Kruka [31]

Answer:

The Answer is gonna be Yes

8 0
2 years ago
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receiv
Arisa [49]

Answer:

7.8%

Explanation:

The formula and the computation of the return on assets is shown below:

Return on assets = (Net income) ÷ (average of total assets)

where,

Net income is $32,500

And, the average of total assets equal to

= (Beginning assets + ending assets) ÷ 2

= ($405,000 +$425,000) ÷ 2

= $415,000

So, the return on assets is

= $32,500 ÷ $415,000

= 7.8%

6 0
2 years ago
Other questions:
  • Suspect Corp. issued a bond with a maturity of 30 years and a semiannual coupon rate of 6 percent 4 years ago. The bond currentl
    15·1 answer
  • A foodhandler has finished trimming raw chicken on a cutting board and needs it to prep vegetables. what must be done to the cut
    9·1 answer
  • Akila went to the store for furniture polish, carrots, pencils, ham, sponges, celery, notebook paper, and salami. She remembered
    6·1 answer
  • Where to find your social security number?
    13·1 answer
  • Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectivel
    12·1 answer
  • If an arbitrageur can borrow up to $1,000,000 (or CD1,250,000), formulate a covered interest arbitrage. Make sure to explain you
    9·1 answer
  • Briar Corp is issuing a 10-year bond with a coupon rate of 7 percent. The interest rate for similar bonds is currently 9 percent
    13·1 answer
  • With _____, the emphasis is on helping the buyer realize the synergy of carrying all associated products of the same brand or ma
    14·1 answer
  • Which item was invented in 1972 by minnesota vikings field-goal kicker fred cox? skateboard nerf football super soaker etch a sk
    11·1 answer
  • A stock has a beta of 1.3. The systematic risk of this stock is ____________ the stock market as a whole.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!