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pickupchik [31]
3 years ago
12

Wilton, Inc. had net sales in 2017 of $1,400,000. At December 31, 2017, before adjusting entries, the balances in selected accou

nts were Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. If Wilton estimates that 8% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense.
Business
1 answer:
Sergeeva-Olga [200]3 years ago
5 0

Answer:

See explanation section.

Explanation:

December 31, 2017

Bad debt expense                        Debit      = $17,600

Allowance for Doubtful Account Credit     =  $17,600

To record the bad debt expense

Calculation: Bad debt expense = $250,000 × 8% = $20,000. However, we cannot take this amount because Allowance for Doubtful Account is a positive contra entry, which has a $2,400 credit balance. Therefore, we have to deduct $2,400 from $20,000 to get the actual bad debt expense.

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Answer:

\frac{\$60p+\$90q}{p+q}

Explanation:

Data provided in the question:

Cost of chair P = $60

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Total cost of chairs ordered = $60p + $90q

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Increased professionalism in police forces has been made possible by two-way radios, telephones, and automobiles. in what way ha
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Search... Unlock all answers JOIN FOR FREE jswagballerlife4060 01/08/2020 Business College answered LO 5.3Direct material costs
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Answer:

$130,000

Explanation:

Calculation to determine the value of the inventory transferred to the next department

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Using this formula

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Let plug in the formula

Cost per unit=$3+$5+(100%*$5)

Cost per unit = $3 + $5 + $5

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Second step is to calculate the inventory transferred using this formula

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