Answer:
Doubtful
Explanation:
The company will record the uncollectible $5,670 of its accounts receivable as a debit to uncollectible accounts expense and a credit to the DOUBTFUL account.
This is evident in the fact that the bad debt allowance method has three main principles which are:
1. Calculate uncollectible receivables
2. Debit bad debt expense and credit allowance for doubtful accounts in the journal entry
3. Debit allowance for doubtful accounts and credit the corresponding receivables account when it is time to write off the account.
C country places a tax on good from another country
Answer:
As follows:
Explanation:
For acquisition of Westmont Company.
Inventory dr. 600,000
Land dr. 990,000
Buildings dr. 2,000,000
Customer Relationships dr. 800,000
Goodwill dr. 690,000
Accounts Payable cr. 80,000
Common Stock cr. 40,000
Additional paid-up capital cr. 960,000
Cash cr. 4,000,000
For legal fees
Services Expense dr 42,000
Cash cr 42,000
For stock issuance
Additional Paid-In Capital dr 25,000
Cash cr 25,000
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Answer:
The answer is: D) Accounts:
Salaries Expense: Debit = 1,200
Salaries Payable : Credit = 1,200
Explanation:
Salaries expense is a type of expense account (all expense accounts are temporary accounts). When expenses are recorded, they should be debited.
Salaries expense 1,200
Salaries payable is a liability account. When liabilities increase, they should be credited.
Salaries payable 1,200
