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stellarik [79]
2 years ago
13

Bellows Company uses the allowance method to account for uncollectible accounts. After making a concerted effort, Bellows’ manag

ement determined that it will not be able to collect the $1,200 owed to it by its customer Acme Inc. Prepare the appropriate journal entry to record the receivable write-off.
Business
1 answer:
MatroZZZ [7]2 years ago
7 0

Answer:

Db Allowance for Doubtful Accounts_1200

Cr to Accounts Receivable_____________1200

Explanation:

When a specific customer's account is identified as uncollectible, the journal entry to write off the account is:

A debit to Allowance for Doubtful Accounts (to reduce the Allowance balance that was previously established)

A credit to Accounts Receivable (to remove the amount that will not be collected)

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Answer:

Services the borrower did shop for, that the buyer may find on his own.

Explanation:

Services such as a pest inspection or title insurance are services that the buyer of a house usually want, but are not mandatory for them to purchase. Therefore usually buyers must search for them on their own since they are not required by a bank.

They are different than services that a lender requires like home insurance, which a buyer must purchase.

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3 years ago
Agent joh rogers is planning a formal marketing/sales event and has decided to place an adbertisment in the locla paper. what di
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7 0
1 year ago
( b ) explain five circumstances under which a high population growth may be desirable ​
statuscvo [17]

Answer:

There is a need to increase the demand in market for both goods and services.

There is a need to attract foreign investors

As societies modernize, mortality rates fall while birth rates remain high leading to high population growth rates.

Higher population growth may be beneficial in high-income countries where there is currently a tendency for population growth rates to decline

Development in agriculture, better techniques to grow more and better quality food.  Food available at all the times due to better storage conditions. So people do not die of starvation when food is not available.

Explanation:

7 0
2 years ago
On July 1, Year 4, Pell Co. purchased Green Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds are c
gayaneshka [121]

Answer:

$21,800

Explanation:

The computation of 4-year revenue is as shown below:-

Bond Income of 4th Year = Face amount × Bond × 1 ÷ 2

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= $20,000

Interest Revenue = Bond Income + Amount of Discount Amortized

= $20,000 + $1,800

= $21,800

Therefore for computing the interest revenue we simply bond income with the amount of discount amortized.

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