The following T-account is a summary of the Cash account of Cuellar Company.

During 2018, its first year of operations, Pave Construction provides services on account of $142,000. By the end of 2018, cash

Lorico [155]

Answer:

Dr Bad Debt Expense 10,250

Cr Allowance for Uncollectible Accounts 10,250

Explanation:

Preparation of the Journal entry to Record the adjustment for uncollectible accounts on for Pave Construction

Since we were told that the company provides services on account of the amount of $142,000 in which by the end of the year 2018, the cash collections total the amount of $101,000 which means we have to less $101,000 from $142,000 which gave us $41,000.

We were as told that Pave estimates that 25% of the uncollected accounts will be bad debts this means we have to find the 25% of $41,000 which gave us $10,250.

Therefore the transaction will be recorded as:

Dr Bad Debt Expense 10,250

Cr Allowance for Uncollectible Accounts 10,250

($41,000 x 25%)

Service provided $142,000- Cash collection $101,000=$41,000

6 0

3 years ago

Okay so, I'm doing Financial Literacy and I understand nothing. I would really appreciate any help.

Helen [10]

Answer:

ok so i think that # 1 is A and # 2 is D

7 0

3 years ago

Read 2 more answers

The three main areas in the value chain where significant differences in the costs of competing firms can occur include

Marizza181 [45]

Answer and Explanation:

E)variable cost activities, fixed cost activities, and administrative activities.

5 0

3 years ago

How did the pressure change from when it was your turn to be a leader, than when you were just a supporting member? (Take your t

o-na [289]

Answer with Explanation:

The pressure changed a lot when I became a leader. I was expected to supervise my group members and assign them the tasks they have to perform. I gave them a sense of direction, particularly, towards the group's goal. I was pressured to meet the targets expected from us, and I always put my effort at its best for fear of failing or becoming a failure to the group. I needed to do things in a calm fashion, so I could inspire my members and be a better role model for them.

When I was just a supporting member, I didn't really mind about which direction my group should take, so the pressure from stress wasn't a big deal. I was very laid back because I just needed to perform what was asked of me by our leader. No one was constantly looking upon me, thus, I didn't feel like I really needed to do my best.

7 0

3 years ago

Jackson Co. began the year with $20,000 in inventory. During the year, the company purchased $80,000 worth of inventory. At the

Irina-Kira [14]

Answer:

The total cost of goods sold = $70,000

Explanation:

Given:

Initial inventory at the start of the year for Jackson Co. = $20,000

Total cost of purchases made during the year = $80,000

Inventory remaining at the end of the year = $30,000

Solution:

Total inventory for Jackson Co. during the year = $\$20,000+\$80000= \$100,000$

Inventory remaining at the end of the year = $30,000

The cost of the goods sold can be calculated by subtracting the remaining inventory from the total inventory.

Thus, cost of goods sold can be given as :

⇒ $\$100,000-\$30,000$

⇒ $\$70,000$

The total cost of goods sold = $70,000

8 0

3 years ago