1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Iteru [2.4K]
3 years ago
13

On December 31, after making a concerted effort, management determined that it will not be able to collect the $1,200 owed to it

by one of its customers. Prepare the necessary journal entry to write the customer's account off. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
tamaranim1 [39]3 years ago
5 0

Answer:

Explanation: from the above question, the inability of management to collect any outstanding debt from a customer after a particular time frame is termed a bad debt and it can be written off the books of the company.

From the question above, management determined that it will not be able to collect the $1,200 owed to it by one of its customers.

To write this amount off the books,

Debit : Account receivable $1,200

Credit: bad debit written off $1,200

The bad debt written off is an expense account where the amount uncollectible is expensed from the books of the company.

You might be interested in
In a market economy, a high price is a signal for:___________.1. Producers to supply more and consumers to buy less. 2. Producer
shepuryov [24]

Answer: Answer is 1

Explanation:

In a market economy, a high price is a signal for producers to supply more and consumers to buy less.

3 0
3 years ago
Read 2 more answers
One of your classmates was recently found to have cheated on the exam. Though furious, your instructor spoke to the student very
fiasKO [112]

Answer:

d. interpersonal justice

Explanation:

Interpersonal justice -

It refers to the practice of treating the people with proper respect and dignity , is referred to as interpersonal justice .

In case of any harmful , serious condition or activity , the practice of communicating or resolving the issue with the people in a very kind and respectful manner , is the sign of an intelligent or smart person  .

Hence , from the given scenario of the question ,

The correct option is d. interpersonal justice .  

4 0
3 years ago
On January 1, 2020, Waterway Company purchased 11% bonds, having a maturity value of $312,000 for $336,270.95. The bonds provide
mafiozo [28]

Answer and Explanation:

The journal entries are shown below:

1. 11% bonds payable $336,270.95

         To cash  $336,270.95

(Being the bond purchased for cash is recorded)

2. Cash ($312,000 × 11%)      $34,320

       To Interest revenue ($336,270.95 × 9%) $30,264

       To 11% bond payable $4,056

(Being the interest revenue is recorded)

Fair value adjustment $1,685.05

       To Unrealized gain $1,685.05

(Being the recognition of fair value is recorded)

It is computed below:

= (333,900 - ($336,270.95 - $4,056) )

3. Unrealized gain $13,000     ($333,900 - $320,900)

            To fair value adjustment $13,000

(Being the  recognition of fair value is recorded)

8 0
3 years ago
On June 1, 2019, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for person
worty [1.4K]

Answer:

a.$4,704

Explanation:

Depreciation rate applicable for 2nd year as per MACRS 5 year class property = 32%

So, Irene cost recovery deduction = $21,000 * 32% * 70% = $4,704

Hence, the cost recovery deduction for Irene in 2020 is $4,704.

4 0
3 years ago
The process of transferring the debits and credits from the journal entries to the accounts is called a.journalizing b.sliding c
Rudiy27

Answer:

d. posting

Explanation:

There are various steps to prepare the financial statements. These are as follows:

1. Journalizing: It is a recording of business transaction with a narration in which the one account is debited and the other account is credited. It can be more transactions debited and credit that is depending upon the nature of the transaction.

2. Ledger posting: After recording the journal entries, the next step is to make the number of ledger i.e posting of the amount and the accounts to their respective ledger i.e sales ledger, purchase ledger, etc

3. Trial balance

4. Income statement

5. Statement of owners equity

6. Balance sheet

7. Cash flow statement

4 0
3 years ago
Other questions:
  • Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounti
    5·1 answer
  • Consumers will pay more of a tax levied on suppliers if their demand is:
    15·1 answer
  • Baker loses the trial. baker's attorney can make a motion for
    11·1 answer
  • Waterstone Industries is setting standard costs for one of its products. The main material is fiber board sold by the square foo
    5·1 answer
  • I WILL MARK THE BRAINLIEST HELP ME PLEASE
    5·2 answers
  • Who can help me write at least 10 interview questions to ask a manager
    14·2 answers
  • Babuca Corporation has provided the following production and total cost data for two levels of monthly production volume. The co
    13·1 answer
  • The inputs used to produce goods and services are also known as prices. institutions. resources. output. costs. g
    11·1 answer
  • Answer the above Questions ​
    6·2 answers
  • An employee receives a phone call from someone saying they are from the bank. The person claims the purpose of the call is to ve
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!