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Reika [66]
3 years ago
13

Which of the following is included in the normal journal entry to record the collection of accounts receivable previously writte

n off when using the allowance method? Debit Allowance for Doubtful Accounts, credit Bad Debt Expense. Debit Allowance for Doubtful Accounts, credit Accounts Receivable. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts. Debit Accounts Receivable, credit Allowance for Doubtful Accounts.
Business
1 answer:
dlinn [17]3 years ago
8 0

Answer:

Debit Accounts Receivable, credit Allowance for Doubtful Accounts.

Explanation:

To record the collection of accounts receivable previously written off when using the allowance method, the first step is  to debit Accounts Receivable, and then credit Allowance for Doubtful Accounts. This purpose of this to reverse the already written off amount.

The next step after that is to complete the entries by debiting Cash, and crediting the Accounts Receivable to record the cash collection in respect of previously written off accounts receivable.

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A person who ensures that people adhere to the definitions for the master data in their organizational units is called a(n) ____
pashok25 [27]

Answer:Data steward

Explanation:

8 0
2 years ago
The question of when revenue should be recognized on the income statement according to GAAP is addressed by the:
sleet_krkn [62]

Answer:

a. Revenue recognition principle

Explanation:

The revenue recognition principle refers to the principle in which the revenues are recorded when it is realized or earned. It follows the accrual basis of accounting

It is not recorded when the cash is actually received.

When the sale is made, the same is to be shown in the books of accounts

Therefore as per the GAAP, the revenue should be addressed by revenue recognition

hence, the correct option is a.

4 0
3 years ago
Three Torque Inc., a U.S.-based multinational company, allows its managers to make facilitating payments in host countries to ex
Goryan [66]

Answer:

Cultural Relativism

Explanation:

Cultural relativism basically implies that other people's values, norms and morals should be understood and respected, rather than judged, usually from the viewpoint of another culture, as the saying goes when in Rome, act like the Romans.

Therefore, Three Torque Inc. has demonstrated Cultural Relativism in deciding to respect the ethics of countries that prohibit facilitating payments.

6 0
3 years ago
The Smith Company manufactures insulated windows. Costs for March were as follows. Direct labor $53,000 Indirect labor 18,000 Sa
Marat540 [252]

Answer:

$27,000

Explanation:

The following costs were incurred by Smith's company during the month of March

Direct labor $53,000

Indirect labor 18,000

Salary of corporate vice president for advertising 25,000

Direct materials 48,000

Indirect materials 4,000

Interest expense 7,500

Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000

Therefore the actual manufacturing overhead for March can be calculated as follows

= Indirect labour + indirect materials + salary of factory supervisor + insurance on manufacturing equipments

= $18,000 + $4,000 + $3,000 + $2,000

= $27,000

Hence the actual manufacturing overhead for March is $27,000

8 0
3 years ago
At the beginning of the year, a firm has current assets of $328 and current liabilities of $232. At the end of the year, the cur
GarryVolchara [31]

Answer:

$125

Explanation:

Computation for the change in net working capital

Using this formula

Change in net working capital =( Ending Current asset- Ending Current liabilities) - (Beginning Current asset- Beginning Current liabilities)

Let plug in the formula

Change in net working capital =

($493 – $272) – ($328 – $232)

Change in net working capital = $221-$96

Change in net working capital =$125

Therefore the Change in net working capital will be $125

5 0
3 years ago
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