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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.

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The following information relates to a company’s accounts receivable:
notka56 [123]

Answer:

1. $31,000

2. $40,000

Explanation:

1. Computation of bad debt expenses for the year

Bad debt expenses = Credit sales × Bad debts expenses

= $1,550,000 × 2%

= $31,000

2. Computation of year end balance

Year end balance = Beginning balance + Bad debt expense - Written off

= $31,000 + $31,000 - $22,000

= $40,000

Therefore for computing the bad debt expenses and year end balance we simply applied the above formula.

6 0
3 years ago
Cyclical unemployment is BEST described as unemployment arising from
Ira Lisetskai [31]

Answer:

Contraction cycle or Recession

Explanation:

The cyclical unemployment is due to the cycles of economy ( expantion:Grow and contraction: recession) Under these circumstances unemployment is considered normal as the economy cannot sustain itself always in an expansion cycle.

3 0
3 years ago
Alliance Company budgets production of 35,000 units in January and 39,000 units in the February. Each finished unit requires 4 p
harkovskaia [24]

Answer:

$506,800

Explanation:

The calculation of budgeted materials cost is shown below:-

For computing the budgeted materials cost first we need to find out the total materials for production and materials to be purchased which is here below:-

Total materials for production = Budgeted production × Pounds of raw material per unit

= 35,000 × 4

= 140,000

Materials to be purchased = Total materials for production + Ending raw materials inventory - January 1 inventory

= 140,000 + (39,000 × 4 × 30%) - 42,000

= 140,000 + 46,800 - 42,000

= 186,800 - 42,000

= 144,800

Budgeted materials cost for January = Materials to be purchased × Cost per pound

= 144,800 × $3.50

= $506,800

6 0
2 years ago
Read 2 more answers
If a one-year bond has a face value of $5,000 and is sold for $4,500, what is the interest rate on the bond?
Arada [10]

Answer:

11.1%

Explanation:

The face value is $5000

It is sold for $4,500

Therefore the interest rate of this bond can be calculated as follows

$5000-$4500

= 500

500/4500 × 100

= 0.111 × 100

= 11.1%

Hence the interest rate is 11.1%

6 0
2 years ago
all of these are costs of nonconformance except: a. training. b. rework and repair. c. scrap. d. liability judgments.
Juli2301 [7.4K]

All of these are costs of nonconformance rework and repair, scrap,  liability judgments except<u>  </u><u>training.</u>

<u />

What does liability mean?

A person's or organization's financial responsibility for any losses or damages caused to another person or organization is referred to as "liability" in law. It generally refers to the responsibility to pay for any damage caused by one's own actions or negligence.

What does Organization mean?

Organization is the process of structuring and coordinating the activities of people and resources in order to achieve a goal or set of goals. It entails establishing or creating distinct lines of authority, responsibilities, communication, and decision-making. Setting goals, planning, controlling resources, and assessing progress are all part of the process.

Therefore the option A. <u>training</u> is the correct option.

To know more about Liability,

brainly.com/question/14921529

#SPJ4

4 0
1 year ago
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