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3 years ago

__________ is a contra asset account representing the amount of accounts receivable that we do not expect to collect.

Business

1 answer:

maw [93]3 years ago

6 0

Answer:

Allowance for uncollectible accounts

Explanation:

This account is a contra asset account which says that the account receivable amount is not collected in near future

It is shown in the asset side of the balance sheet

Assets side

Current Assets

Accounts receivable XXXXX

Less: Allowance for doubtful debts (XXXXX)

Net accounts receivable XXXXX

It is an estimated amount which is not to be paid by the customer in respect to goods delivered to them

The journal entry would be

Bad debt expense A/c Dr XXXXX

To Allowance for uncollectible accounts A/c XXXXX

(Being the uncollected amount is recorded)

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3 years ago

How do political factors affect businesses

allsm [11]

Answer:

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3 years ago

Assume that the money demand function is (M/P)d = 2,200 – 200r, where r is the interest rate in percent. The money supply M is 2

liubo4ka [24]

Answer: The nominal money supply should set at 1,600.

Explanation:

Given that,

Money demand function: (M/P)d = 2,200 – 200r

r - Interest rate

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Price level (P) = 2

If the fed wants to set the interest rate at 7% then,

Money supply = money demand

$(\frac{M}{P})^{s}$ = $(\frac{M}{P})^{d}$

$\frac{M}{P}$ = 2,200 – 200r

P = 2 and r = 7%

$\frac{M}{2}$ = 2,200 – 200 × 7

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M = 1,600

The nominal money supply should set at 1,600.

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3 years ago

To be useful for decision making, information should possess the fundamental qualities of relevance and.

Nitella [24]

To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.

<h3>What is faithful representation?</h3>

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Therefore To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.

Learn more about Faithful representation here:brainly.com/question/14506917

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LekaFEV [45]

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