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
krek1111 [17]
3 years ago
9

Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. It estimates that 1 perce

nt of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Assume Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. Record the transaction. 2. Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. Record the transaction.
Business
1 answer:
Dahasolnce [82]3 years ago
8 0

Answer:

A. Debit: Bad Debt Expense 2,500

Credit: Allowance for Doubtful Accounts 2,500

250,000 x .01 = 2,500

B. Debit: Bad Debt Expense 2,750

Credit: Allowance for Doubtful Accounts 2,750

3,000 - 250 = 2,750

You might be interested in
Sheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first month of business using T acco
slava [35]

Answer:

Sheryl Hansen

T- Accounts

Cash

Account Titles                  Debit   Credit

a. Sheryl Hasen, Capital $3,100

b. Equipment                                 $500  

d. Accounts Payable                       300

e. Sheryl Hasen, Drawings             700

Sheryl Hasen, Capital

Account Titles                  Debit   Credit

a. Cash                                        $3,100

Equipment

Account Titles                  Debit   Credit

b. Cash                             $500

c. Accounts Payable          800

Accounts Payable

Account Titles                  Debit   Credit

c. Equipment                                 $800

d.  Cash                            $300

Sheryl Hasen, Drawings

Account Titles                  Debit   Credit

e. Cash                            $700

Explanation:

a) Data and Analysis:

a. Cash $3,100 Sheryl Hasen, Capital $3,100

b. Equipment $500 Cash $500

c. Equipment $800 Accounts Payable $800

d. Accounts Payable $300 Cash $300

e. Sheryl Hasen, Drawings $700 Cash $700

4 0
2 years ago
You are a manager in a supermarket. One evening, you hear raised voices and see Chuck shouting at a customer, "I’m not going to
shusha [124]

Answer:

punishment

Explanation:

Basically, the manager is trying to change the behavior of his employee, Chuck. In management and organizational psychology, that is often referred to as the <em>reinforcement theory of motivation</em>.

In this example, the manager uses remuneration punishment in order to alter Chuck's noted behavior pattern.

<u>NOTE </u>- This is not to be confused with <em>negative reinforcement</em>, which is also related to the reinforcement theory. Although the term <em>negative </em>may imply some similarities with punishment, negative reinforcement is a different concept. While punishment is directly weakening the <em>unwanted </em>behavior, negative reinforcement is strengthening a <em>desired </em>behavior, by means of removing an unwanted consequence <u>for the employee</u> when he follows the wanted behavior pattern.

For example, a form of negative reinforcement would be if Chuck knew upfront that his pay would be reduced if he yelled at his customers and he avoided yelling in the first place because of that.

3 0
3 years ago
Bisa cari tau ini negara apa..<br>lha koq gua bisa nyasar tu gmn​
choli [55]
what language is this if i may ask
5 0
2 years ago
Alex and bailey opened a dance studio together as general partners. they each invested $10,000 of their personal savings. after
Ivahew [28]

Since Alex and Bailey are partners and they will be shutting down the partnership. the debts should be settled by both. they will have to sacrifice their personal assets in doing so

7 0
3 years ago
What can you tell me about Google's Supply Chain Management ?(10 Marks)
Fiesta28 [93]

Answer:

The answer is below

Explanation:

With suppliers across over 60 countries all around the globe, Google continues to organize its supply chain quite efficiently.

Hence, Google’s supply chain management can be summarized in the following key points:

1. Getting reliable suppliers: Google ensures they work with trustworthy suppliers by conducting robust appraisal based on a variety of factors, such as country-specific risk, product-specific risk, suppliers' past records, supplier relationships, etc.

2. Suppliers code of conducting business: this involves social and environmental responsibility and as well as safe working conditions for suppliers' employees.

3. Effective Management of Suppliers Diversity: Google identifies and supports all forms of suppliers' community, regardless of countries, gender, age, disability status, or even sexual orientation of the suppliers. This implies that Google keeps respecting and valuing the contribution of every associated with its supply chain in any capacity.

4. Promoting Tools and Techniques to Supports Suppliers: Google prioritizes training and energy conservations, cost reductions, and product enhancement, for its suppliers, which contribute to easy access to clean and renewable energy.

6 0
3 years ago
Other questions:
  • On January 2, 2019, Denny Corp. enters into five-year finance lease for machinery with annual year-end payments of $15,000. The
    15·1 answer
  • A process is said to operate within a protection domain which specifies the resources that the process may access. list the ways
    10·1 answer
  • The aicpa's statements on auditing standards can be described as
    5·1 answer
  • A The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is ave
    9·1 answer
  • The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year a
    15·1 answer
  • 23 points left out<br><br> :$&amp;:$:&amp;,&amp;,&amp;,,
    6·2 answers
  • Why would this be a better career choice than some of the other points she was looking for
    14·1 answer
  • Bengal Co. provides the following unit sales forecast for the next three months: July August September Sales units 4,400 5,100 4
    8·1 answer
  • Steve silversmith produces unique and exclusive sterling silver rings, pendants, buckles, and chains. steve pays one supervisor
    15·1 answer
  • Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products ar
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!