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marin [14]
3 years ago
9

Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. I

t uses the direct write-off method to record this loss as of October 1. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solsticeâs entry(ies) to reflect recovery of this bad debt.
Business
1 answer:
Anton [14]3 years ago
8 0

Answer:

Please see explanation below.

Explanation:

Oct 1

Dr Accounts receivable $50,000

Cr Bad debts expense $50,000

(Accounts receivable is an asset and are debited when it increases, Expenses are credited when they increase)

Oct 30

Dr Cash $50,000

Cr Accounts receivable $50,000

(Cash is debited when it increases because it is an asset while Accounts receivable is also an asset hence credited when it decreases.)

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mezya [45]

Answer:

d. Line 3

Explanation:

Generally, the liabilities are classified as current and long term based on their duration, on the date of issue of notes payable the liability is long as the period is of 1 year, whereas generally notes payable are not for 1 year and are termed as short term i.e. current liabilities.

But, on 31 Dec 2017 the period to pay the notes payable and the interest thereon is just of 7 months left, therefore on the balance sheet date both the liabilities will be considered and clarified as Current Liabilities.

Therefore, correct option is

d. Line 3

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3 years ago
A gantt chart is built using established precedence relationships. <br> a. True <br> b. False
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Answer:

B) upward communication

Explanation:

Upward Communication -

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Hence, from the question,

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3 0
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B.windshields
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BARSIC [14]

Answer: 0 units

Explanation:

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