A concrete step
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Answer:
journal entries
Write-off
Debit Bad Debts expense $11,000 Credit Accounts receivable $11,000
Recovery
Debit Bank $1,800 Credit Bad Debt Recovered income $1,800
Allowance for Doubtful debt Adjustment
Debit Allowance for doubtful debt Adjustment $4,000 Credit Allowance for doubtful debt $4,000
Explanation:
Write-off
The write-off creates an expense (bad debt) and and decreases an asset ( Accounts receivable)
Recovery
Since the amount has been written off as bad, when it is recovered it is no longer recognized as a payment on accounts receivable but an income the entity thought was lost.
Allowance for doubtful debt adjustment
The differences in the opening balance and closing balance either creates an expense or an income adjustment. These estimates are on net Accounts receivables ( after bad debts) are a negative assets.
19000 - 15000 = 4000(increase) adjustment and is an expense.
Answer:
$93,900
Explanation:
Computation for pension expense for the year 2020.
PENSION EXPENSE
Service cost $54,700
Interest cost $45,200
($452,000 * 0.10)
Less Actual return ($13,800)
Amortization of PSC $7,800
Pension expense $93,900
Therefore the pension expense for the year 2020 is $93,900
Answer:
greater than zero.
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income
Income elasticity of demand = percentage change in quantity demanded / percentage change in income.
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