Answer: what is not true about Allowance for doubtful accounts is that ----It is a liability account
Explanation:
Allowance for doubtful accounts is a contra-asset account that shows only amounts expected to be paid by negating the total receivables recorded on the balance sheet.
The allowance for doubtful accounts is credited when bad debts expenses are recorded and debited when uncollectible accounts are written off.
In summary, Allowance for doubtful accounts estimates the amount of accounts receivable expected but will not be paid by customers.
Answer:
The right solution is "1,110,000 units".
Explanation:
Given:
Tax revenue,
= $55500
Tax per good,
= 5 cents
As we know,
⇒ 
By substituting the values, we get
Where is the graph? If there is no graph then what am i supposed to look at and solve the problem?
Answer:
Inventory 26026 debit
Accounts Payable 26026 credit
--to record purchase--
Accounts Payable 1078 debit
Inventory 1078 credit
--to record returned goods--
Accounts Payable 24,948 debit
Cash 24,948 credit
--to record payment within discount--
Explanation:
purchase:
338 units x $77 = 26,026
returned: 14 x $77 = 1,078
balance: 26,026 - 1,078 = 24.948
Tequila Ley, at $ 3,500,000
