Answer:
The journal entry is shown below:
Explanation:
The journal entry for writing off the amount through using the Allowance Method is as:
Allowance for Bad debts A/c.............................Dr $300
Accounts Receivable A/c...........................Cr $300
While writing off the amount of bad debt, the allowance for bad debts account is debited against the accounts receivable account.
The journal entry which is to be recorded for reversing the write off through using the Allowance Method:
Accounts Receivable A/c...........................Dr $300
Allowance for Bad debts A/c......................Cr $300
So, for reversing the original entry would be reversed, which means the accounts receivable account is debited as the payment is received and the bad debts got decrease, which means the allowance for Bad debts is credited.
Answer:
a) b.20,000
b) b.20,000
Explanation:
a) Number of common stocks issued = 200,000/10
= 20,000
So, 5000 stocks remain with company.
Number of common stocks outstanding = 20000
b) b. 20,000
Answer:
The total amount of cash expected to be received from customers in September is the sum of 25% of the September sales plus 75% of the August sales.
Explanation:
When the economist is employed for the university so it affects the bank regulations. This represent the generation of the scientific evidence related to the theory.
The following information should be considered
- The tenured economist should give scientific proof related to the theory.
- In this, the primary data is collected & then transform into the theory
- In option a, only do the research.
- The rest of the options does not give scientific evidence.
Therefore we can conclude that option c is correct.
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Given:
<span>MAY 8 - Crump company purchased $1,850 worth of inventory on account from Payne industries ; the terms were 3/15, n/eom.
MAY 9 - Crump also paid freight charges of $95
Payne granted crump a $150 purchase allowance
MAY 17 - Payment in full
Debit Credit
May 8.
Purchases 1,850
Accounts Payable 1,850
May 9
Freight-In 95
Cash 95
Accounts Payable 150
Purchase returns and allowance 150
May 17 - Payment goes beyond the discounting period. No discount is given.
Accounts Payable 1,700
Cash 1,700
(1,850 - 150 = 1,700)
</span><span>"3/15, n/eom" This means that Crump can avail 3% discount when it pays on the 15th of the month and n discount when it pays at the end of the month. </span>