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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

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3 years ago
When Men's Wearhouse fired a salesperson who wasn't sharing walk-in customer traffic, and total clothing sales volume among all
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When Men's Wearhouse fired a salesperson who wasn't sharing walk-in customer traffic, and total clothing sales volume among all salespeople increased significantly, the company reduced destructive internal competition.

<h3>What is a destructive competition?</h3>
  • Multiple producers being driven out of the market by competition.
  • When there are numerous manufacturers of a good, prices are frequently driven down to the point that nobody makes a profit, which is when destructive competition takes place.

<h3>What do you mean by internal competition?</h3>
  • The aforementioned components are the foundation of our concept of internal competition, which is senior management-sanctioned duplication or overlap of activity within the firm's boundaries in an effort to resolve market or technology uncertainties.

<h3>Is competition is constructive or destructive?</h3>
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3 0
2 years ago
Digital Enterprise, Inc., promises to pay its employees a year-end bonus "if profits continue to be high and management agrees a
barxatty [35]

Answer:

D) An illusory promise

Explanation:

An illusory promise is not enforceable. Illusory promises are simply illusions that seem or appear to a contract, but are not.

In this case, there is no consideration at all, therefore none of the parties is bound by a contract. It would be different if the company promised to pay a bonus if its profits are xx%. How can someone determine what is considered high profits, and how can you be sure that management will agree?

It is basically like telling someone else that you will give them something if you are happy and willing to do it. How can someone determine if you are happy or not, and how can someone know if you are willing to do it or not?

6 0
2 years ago
You deposit $100 in an account that pays 6 percent annual interest, compounded quarterly. What will your deposit grow to in 3 ye
Burka [1]

Answer:

$119.56

Explanation:

We will use compound interest formula to solve this problem.

The formula is:

F=P(1+r)^t

Where

F is the future value

P is the present amount

r is the rate of interest per period

t is the number of periods

Here,

F is the value we want, after 3 years

P is the present amount, $100

r is the rate of interest per quarter (per period)

Given r = 6% annually, so that would make:

6%/4 = 1.5% per quarter, or 1.5/100 = 0.015

Also, t is the number of quarters in 3 years, that would be 4*3 = 12

Now, substituting, we get our answer:

F=P(1+r)^t\\F=100(1+0.015)^{12}\\F=100(1.015)^{12}\\F=119.56

The first answer choice is right, $119.56

3 0
3 years ago
Majestic Corporation manufactures wheel barrows and uses budgeted machine hours to allocate variable manufacturing overhead. The
andre [41]

Answer:

$409185

Explanation:

Given: Budgeted output units: 28,475 units

Budgeted machine-hours: 17,085 hours

Budgeted variable manufacturing overhead costs for 28,475 units: $358,785

Actual output units produced: 32,475 units

Actual machine-hours used: 15,000 hours

Actual variable manufacturing overhead costs: $384,060.

First, we will find Budgeted machine hour per unit produced.

Budgeted machine hour per unit produced=  \frac{Budgeted\ machine\ hour}{Budgeted\ units}

⇒Budgeted machine hour per unit produced= 17085\div 28475= 0.6

∴Budgeted machine hour per unit produced= 0.6

Budgeted machine hours allowed for 32475 units= 32475\times 0.6= 19485

Budgeted variable overhead rate per machine hour= \textrm {Budgeted variable manufacturing overhead costs}\div Budgeted\ machine\ hours

Budgeted variable overhead rate per machine hour= 358785\div 17085= \$ 21

Now, lets find out flexible budget amount.

Flexible budget amount= \textrm{Budgeted machine hours allowed}\times \textrm{Budgeted variable overhead rate}

Flexible budget amount= 19485\times \$ 21= \$ 409185

∴Flexible budget amount for variable manufacturing overhead= $409185

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