Given:
<span>accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)
1% of the accounts receivable should be the value of the allowance for uncollectible accounts.
244,000 x 1% = 2,440
2,440 - 1,350 = 1,090
Adjusting entry:
Debit Credit
Bad Debt Expense 1,090
Allowance for uncollectible accounts 1,090</span>
Answer:
Dr Notes Payable 349,000
Dr Interest Payable 10,470
Cr Cash 359,470
Explanation:
Preparation of Vaughn's Carpet Service Journal entry
Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :
Dr Notes Payable 349,000
Dr Interest Payable 10,470
Cr Cash 359,470
$349,000 +($349,000 *.09* 4/12)
=$349,000+10,470
=$359,,470
Answer:
a. 57 percent of the U.S. M1 money supply.
The two major types of transaction that affects the international flow of money are b. debits and credits.
When you say debits, it the liabilities and when you say credits its the assets. These two is the major transaction that makes a big impact to the economy.
Answer:
We can conclude that tuition rates at the local community college are rising faster than overall inflation.
This is because from 2015 to 2016, the overall price level rose 10%, from 200 to 2020 (20 is the 10% of 200), while tuition rates rose 15% in the same period, from $100 to $115 (15 is obviously the 15% of 100).
