Answer:
1. Analysis of accounts receivables Allowance Required $19,700
Less: Credit balance available in Allowance account <u>$2,100</u>
Additional allowance required <u>$17,600</u>
The journal entry will be as follows
DEBIT CREDIT
Bad debt expenses $17,600
Allowance for doubtful accounts $17,600
Hence, the correct option is D.
2. Other receivables include all except "Notes Receivables"
Hence, the correct option is D
Im not even in business and I know it is a balance sheet
Make money, attract buyers... What are your options?
Answer:
a. Manufacturing overhead allocation rate for each department.
<u>Machining Department</u>
Overhead allocation rate = $2.50
<u>Assembly Department</u>
Overhead allocation rate = $4.00
b. total cost of Job #846 is $6,505
Explanation:
a. Manufacturing overhead allocation rate for each department.
<u>Machining Department</u>
Overhead allocation rate = Overhead / Machine hours
= $250,000/ 100,000
= $2.50
<u>Assembly Department</u>
Overhead allocation rate = Overhead / direct labor-hours
= $360,000/ 90,000
= $4.00
b. total cost of Job #846
Direct material cost :
Machining $2,700
Assembly $1,600
Direct labor cost :
Machining $ 400
Assembly $ 900
Overhead Costs :
Machining ( $2.50 × 170) $ 425
Assembly ( $4.00 × 120) $ 480
Total Cost $6,505
Answer:
D) Debit to Accounts Receivable
Explanation:
If you want to reinstate a specific receivable previously written off you need to do the opposite accounting entry at when the written off was made.
Previously was made a credit in the accounts receivable to deduct the amount of the bad debt, the opposite would be to make a debit in the Accounts receivable ot reflect the reinstanted value.
