Answer:
a. First set of entries:
Debit: Accounts receivable with $2,000
Credit: Bad debt expenses with $2,000
b. Second set of entries:
Debit: Cash with $2,000
Credit: Account receivables $2,000
Explanation:
These entries will appear as follows in the book Gideon Company on July 10:
Details DR ($) CR ($)
Accounts receivable 2,000
Bad debt expenses 2,000
<em>Being the transfer of the bad debt recovered back to the accounts receivable.</em>
Cash 2,000
Account receivables 2,000
<em>Being the cash income received in respect of bad debt recovered.</em>
Acceptance to employment and start of employment
A syndication where the arranger agrees to provide less than the aggregate amount of the offering, but agrees to use reasonably commercial efforts to fulfill the capital raise is known as a best efforts offering.
<h3>What do you best efforts offering?</h3>
The underwriters do not commit to acquiring all of the securities from the issuer in a best efforts offering. Underwriters consent to utilize their best efforts to market the securities to investors while acting solely as an agent of the issuer.
The promise made by a service provider to go above and beyond to carry out the terms of a contract is referred to as "best efforts." In the world of finance, an underwriter promises an issuer that they will make every attempt to sell all of the securities they are offering.
Learn more about best efforts here
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