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
bagirrra123 [75]
3 years ago
8

The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid

Total Accounts Receivable Historical % Uncollectible Not yet due $ 127,400 3 % 1-30 days past due 90,100 13 % 31-60 days past due 54,500 19 % Over 60 days past due 32,700 33 % Required: The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,217 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Johnston Supplies, Inc. writes off $3,171 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.
Business
1 answer:
Art [367]3 years ago
8 0

Answer:

bad debt expense 7,464 debit

      allowance for doubtful accounts   7,464 credit

--to record year-end adjustment for bad debt expense--

allowance for doubtful accounts 3,171 debit

                   accounts receivables      3,171 credit

--to record write-off of a custoemr account--

Explanation:

We multiply each balance by their expected uncollectible amount:

Date   // Amount  // Expected    //  uncollectible

not due 127400 0.03         3,822

up to 30 90100 0.13                  11,713

up to 60 54500 0.19                 10,355

above 61  32700 0.33          10,791

                 Total        36,681

Allowance balance 29,217

Difference 36,681 - 29,217 = 7,464

The write-off will decrease both, account recievable and the allowance

Allowance for doubtful accounts

<u>Debit      Credit</u>

            36,681

3,171

Balance 33,510

You might be interested in
Glen wants to take a holiday that costs $8,850, but currently he only has $2,750 saved. if he invested his money at 8 percent in
Katarina [22]
<span> <span>Solution:

A = P(1+r)^n

where,
A = amount
P = principal
r = rate of interest
n = number of years

Putting values in the formula,

8850 = 2750(1+0.08)^n

8850/2750 = (1+0.08)^n
log will be used to solve "n" as it is in the exponent form, which gives,

log(8850/2750) = n log(1+0.08)

By solving, we get n = log(8850/2750) / log(1+0.08)

Using financial calculator, value comes as 15.187 rounded to 15.19.

So, he will have to wait for 15.19 years to take holidays as it will take 15.19 years to make $8850 from $2750 @ 8% annual compounding.</span> </span>
4 0
3 years ago
What job responsibilities and duties do you excel at answers?
luda_lava [24]
I believe I excel at geological field work like mapping and showing the distribution of the rocks and features such as faults and explaining the landforms by their geological basis and also how geological structures can cause stability problems in open pit mines.
3 0
3 years ago
Read 2 more answers
It usually takes less time to buy a six-pack of Pepsi, a loaf of bread, and a bag of potato chips at a small convenience store (
Marrrta [24]

Answer:

a person who works at a full-service grocery store

8 0
2 years ago
Jeff is a member of Go Big Red, LLC. Jeff decides he does not like the color red, preferring instead the colors black and gold.
Vanyuwa [196]

Answer:

Option "D" is correct.

Explanation:

Option "D" is correct because When a person or member dissociates then the person loses the right to manage, losses the right to act, ceases from their duty of loyalty, ceases from the duty of care immediately if any event occurs after dissociation and the member has the right to find their interest. Therefore, from the given options it can be seen that the duty of care remains intact when only to that event that had occurred before the dissociation.

7 0
3 years ago
The Campus Collective company, which creates unique apps for colleges, has recently lost three large university clients that mad
kirill115 [55]

Answer:

Relative wage coordination argument

Explanation:

Relative wage coordination argument states that even though workers are willing to accept wage cuts due to economic hardships. Wide implementation of wage cuts is hard because workers believe that not everyone will experience wage cuts.

So they will will fight against implementation of wage cuts.

In this scenario Campus Collective company has recently lost three large university clients that made up 40% of its total revenue. This has hit the company hard and management finds it necessary to reduce staff or wages.

Although employees are aware of the hardship they still fight against management on wage cuts because employees are also not sure if other people working their same jobs in the economy are getting reduced wages.

5 0
3 years ago
Other questions:
  • What does the term human capital refer to?
    12·2 answers
  • Can people who disagree about normative ethical theory still reach agreement on practical ethical questions in the business worl
    12·1 answer
  • Jones Excavation Company is planning an investment of $125,000 for a bulldozer. The bulldozer is expected to operate for 1,000 h
    8·1 answer
  • I need some help with this homework.
    14·1 answer
  • A trial balance is a(n) (list/balance/chart) ___ of accounts and their balances at a point in time and is used to confirm that t
    10·1 answer
  • Pronghorn Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related v
    6·1 answer
  • On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated
    12·1 answer
  • If you have serious concerns about the qualifications of a job candidate who has asked you for a written recommendation, you sho
    10·1 answer
  • Do not have a fixed melting and boiling point.​
    13·1 answer
  • The next dividend payment by ASAP, Inc., will be $2.00 per share. The dividends are anticipated to maintain a 4.00% growth rate,
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!