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
Mrrafil [7]
3 years ago
15

Charleston, Inc. has Accounts Receivable of $170,000 and an Allowance for Doubtful Accounts of $11,000. If it writes-off a custo

mer account balance of $1,100, what is the amount of its net accounts receivable
Business
1 answer:
Romashka [77]3 years ago
5 0

Answer:

$159,000

Explanation:

The double entry to record the writes off balances which are the bad debts of Customers who will not pay the debt, will include debit to allowance which is decrease in the allowance and credit to accounts receivable which is also a decrease to accounts receivable:

Dr Allowance for doubtful account $1,100

Cr Accounts Receivable                           $1,100

Similarly the increase in Allowance for Doubtful Accounts of $11,000 will be treated totally opposite of the decrease in Allowance for Doubtful Accounts above:

Dr Accounts Receivable               $11,000

Cr Allowance for doubtful account    $11,000

Now, the increase in allowance is deducted from opening accounts receivables and vice versa. The treatment is given below:

Opening balance of Accounts receivables             $170,000

Accounts Receivable                                                ($1,100)

Allowance for Doubtful Debt    ($11,000 - $1,100)   <u>   $9,900 </u>

Accounts Receivable (Net)                                       $159,000

You might be interested in
A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and e
kykrilka [37]

Answer:

The above statement is true .

Explanation:

It is true , when a company take decision to move its operations out of the country it will affect its employees , owners , suppliers , distributors , even its customers .

It is because, when company move out , the employees working in it loss their jobs . They become jobless. The suppliers loss their customer. The distributor also loss their customer. The customer may like the product of the company and if the company moves out then they do not get their product which they like. The owner may also suffer loss,as its possible that the product do not gain popularity anywhere else . The company may loss its share. It also effect the economy , as a good earning company always serves to a country .

6 0
3 years ago
Growler Commercial Cleaning Company collects $1,000 deposit associated with the rental of industrialcleaning equipment. The depo
Elza [17]

Answer: (d) liability - refundable deposits.

Explanation:

The refundable deposit of $1,000 was a liability because Growler owed it to the customer and were simply holding it for when the customer returned the equipment.

Upon receipt of the deposit, they credited the Refundable deposits accounts which is a liability account. Now that the customer has returned the cleaning equipment and the deposit is to be refunded to the customer, Growler should now debit the Refundable deposits account to cancel out the liability.

5 0
3 years ago
What are some reasons people dont manage their money well for the future?
Pavlova-9 [17]

People can make poor investments, fail to add to their savings, and decide to spend their money rather than saving or investing.

3 0
3 years ago
Cassandra is a 21-year-old who is still in college. She wants a credit card so she can order items online.
ycow [4]
The most logical answer to me would be A, however I recommend you don’t go with my answer JUST YET because this is an educational guess. Take time to think about my answer. Sorry if it’s wrong
4 0
3 years ago
Flounder Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par value, 20,700 shares issued
MAVERICK [17]

Answer and Explanation:

Date        Account Title and Explanation                            Debit          Credit

Feb 1     Treasury Stock (2000*$19)                                     $38,000

             Cash (2000*$19)                                                                       $38,000

              (Repurchased 2,000 treasury stock @ $19 per)

Mar 1     Cash (870*$17)                                                          $14,790

             Retained Earning {870*($19-$17)}                              $1,740

             Treasury Stock(870*$19)                                                           $16,530

             (Reissued 870 out of 2000 treasury stock @ $17 per)

Mar 18   Cash (530*$13)                                                           $6,890

              Retained Earning {530*($19-$13)}                             $3,180

              Treasury Stock(530*$19)                                                         $10,070

              (Reissued 530 out of 2000 treasury stock @ $13 per)

Apr 22  Cash (510*$21)                                                              $10,710

             Treasury Stock(510*$19)                                                            $9,690

             Paid in Capital from Treasury Stock{510*($21-$19)}                 $1,020

             (Reissued 510 out of 2000 treasury stock @ $17 per)  

 

NOTE : loss of sale should be charges from Retained Earning.

7 0
2 years ago
Other questions:
  • Although Joanna expects much from her employees, the people that work for Joanna identify with her values, like her, and respect
    6·1 answer
  • Fixed financial charges include ________. stock repurchase expense common stock dividends and bond interest expense common stock
    11·1 answer
  • Two alternatives, code-named X and Y, are under consideration at Guyer Corporation. Costs associated with the alternatives are l
    7·1 answer
  • Domestic telecommunication companies in the United States are struggling due to foreign competition. How can the US government h
    14·1 answer
  • Agassi Corporation sells products for $90 each that have variable costs of $60 per unit. Agassi’s annual fixed cost is $450,000.
    6·1 answer
  • You manage an equity fund with an expected risk premium of 10% and an expected standard deviation of 15%. The rate on Treasury b
    15·1 answer
  • Mention any two life domains which will help you when choosing a career?​
    10·1 answer
  • The following information is taken from the 2022 general ledger of Sunland Company.
    12·1 answer
  • Sales returns and allowances are reported on the ______.
    6·1 answer
  • Which of the following benefits do franchisees enjoy over other small business owners? Select the two correct answers.
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!