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gizmo_the_mogwai [7]
2 years ago
15

At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $673,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $337 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
Prepare the journal entries for these transactions.

1. Record the estimated bad debts expense.

2. Record the entry to write off P. Park's account as uncollectible.

3. Record the reinstatement of Park's previously written off account.

4. Record the cash received on account.
Business
1 answer:
Rudiy272 years ago
6 0

Answer:

bad debt expense   2,019 debit

       allowance for uncollectible amount  2,019 credit

--to record estimated bad debt expense--

allowance for uncollectible amount 337 debit

                    accounts receivables               337 credit

--to record write-off of P.Park  Account--

accounts receivables               337 debit

       allowance for uncollectible amount 337 credit

--to reverse write-off of P-Park account--

cash                                         337 debit

       accounts receivables               337 credit

--to record collection of P-Park account--

Explanation:

<em>bad debt expense</em> 673,000 x 0.30% = <em>2,019‬</em>

<em />

The write off decreases both, the allowance and accounts receivables

As Park pay up his old debt, the entry is reversed. Then we record the collection as normal.

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Answer:

C) information based strategies

Explanation:

Based on the information provided within the question it seems that this work-life initiative used by Biozone falls under the category of information based strategies. These are strategies that focus on improving employee work flow and efficiency by providing them with benefits and activities that increase their knowledge base, such as skills workshops and networking sessions that can lead to good work relationships with people in the same industry to rely upon.

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3 years ago
Rayna provides a significant amount of information to others across a wide array of products, including durables and nondurables
Nonamiya [84]

Answer:

market maven

Explanation:

Market maven -

The term is associated with the person, who has the complete knowledge of the goods and services and the market , is referred to as a market maven.

A market maven has a lot of connection with various people and is very well - versed on the current state of the market , and has some discreet information which a normal person can never get access to .

The very so famous market maven are - George Soros , John Bogle and Warren Buffett.

Hence , from the given scenario of the question,

The correct answer is market maven .

7 0
3 years ago
a local pizza parlor is selling two different shapes of cheese pizza for the same price. You can get two small square pizza that
Mamont248 [21]

Answer:

The large round pizza with a 14 inch diameter

Explanation:

We can see this as a simple geometry problem. Which is the largest area? Two squares of 8 inches side or a 14 inch diameter circle? Let's see. The area of the square is side * side, in this case 8 * 8, so we have 64 squared inches  in each of the two pizzas. That makes a total of 128 squared inches (64 + 64) for the two small squared pizzas. Now to calculate the circle, we must do the following formula: \pi *r^{2} where r is the radium of the circle. The radium is half of the diameter, in this case 14/2=7. So the formula is 7^2, that is to say 49, multiplied by pi. This gives us approximately 153.93 squared inches, which is bigger than 128. A large round pizza with 14 inches of diameter gives more pizza.

We can also think that most people don't like the crust of the pizza. Two pizzas have more crust than one. So one pizza, besides being bigger, can save you to eat the crust and more cheese and sauce.

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3 years ago
"jasper company, inc. Is a wholesaler that buys merchandise in large quantities. Its supplier's catalog indicates a list price o
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Answer: Jasper's net purchase price unit is $357.

Since Jasper orders in large quantities, Japser is eligible for the trader's discount at 30%.

So, the price per unit will be:

Price per unit after discount = 500 * (1 - 0.3) = 350

Shipping costs are charged by the shipper and Jasper doesn't get any discounts from the shipper. So, we add shipping costs per unit to the discounted price per unit to arrive at the purchase price per unit.

Purchase Price = Discounted Price + Shipping Costs

Purchase Price = 350 + 7 = 357



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3 years ago
Net income increases when: Group of answer choices fixed costs increase. depreciation increases. the average tax rate increases.
worty [1.4K]

Net income increases when "revenue" increases.

<h3>What is revenue?</h3>

The overall revenue generated by a business over a predetermined period of time. This can be done by-

  • The entire income generated by a specific source, such as a property with high predicted yearly returns.
  • The total income a financial investment generates.
  • The amount of revenue that a political entity, such as a country or state, collects and deposits into the treasury for use by the general public.
  • The simplest way to determine revenue is to multiply the total number of units sold by the selling price.
  • A company's earnings, or bottom line, will be lower than its sales because revenues do not take expenditures or expenses into account.

To know more about the financial investment, here

brainly.com/question/334960

#SPJ4

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