1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oksi-84 [34.3K]
2 years ago
6

At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $11,000, while the company’s total assets equal $1,410,000.

In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $2,600 becomes a bad debt on March 14.
1. Record the write off of this customer’s account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
erastovalidia [21]2 years ago
6 0

Answer:Worthy journal $

Date

March 14, 2022

Bad debt Dr 2600

Receivable Cr 2600

Narration. Record of receivables written off to income account on account becoming unrecoverable.

Explanation:

The direct method of written off bad debts do not make provision for estimate of receivables that are likely to go bad in which the estimate is recognised as debit to income statement and the corresponding credit entry is used to reduce the receivables, with adjustment been made at the year end for variances.

In the direct method the actual bad debts is debited in the income s statement and credited to the receivables accounts.

You might be interested in
Which of the following groups on the Home tab contain commands to format text as a bulleted or numbered list?
Monica [59]

Answer: Paragraph

Explanation: The paragraph group on the Home tab contains the command required for necessary paragraph formatting including multilevel list, indentation adjustment, line spacing between and after paragraphs, text alignment options,borders, bullets and numbering formatting options.

The bullet and numbering text formatting options provides oprions to either use stylish filled circles to denote distinction in a list or use direct numbering of each items in a list.

8 0
3 years ago
During a visit to new york city, noah is approached by steve guttenburg, who asks noah if will accept a free button from him. no
hodyreva [135]
Steve has used the foot-in-the-door <span>technique to induce compliance.
A foot in the door technique is a persuasion technique that makes a person to agree to do a small favor and asking that person to do a bigger favor after the small favor is done. According to research, </span><span> The foot-in-the-door technique succeeds owing to a basic human reality that social scientists call "</span>successive approximations<span>".</span>
7 0
2 years ago
The graph shows excess demand. A graph titled Excess supply has quantity on the x-axis and price on the y-axis. A line with posi
Tema [17]

Answer:

The price of goods needs to be increased.

Explanation:

Excess demand occurs when the quantity demanded is higher than the quantity supplied. This happens when the price of the good is lower than the equilibrium price. This can happen naturally in the market, or can happen if the government imposes a binding price floor.

The best way to solve excess demand is to raise the price, in order to reach equilibrium. Once in equilibrium, the price will coordinate the quantity supplied and the quantity demanded so that they're roughly equal.

7 0
3 years ago
Read 2 more answers
​________ is the extent to which a selection tool produces consistent results over time.
shusha [124]
This answer would be reliability.
6 0
3 years ago
Summary financial information for Paragon Company is as follows. Dec. 31, 2014 Dec. 31, 2013 Current assets $ 203,600 $ 254,000
beks73 [17]

Answer:

Current assets:

Amount = 2014 value - 2013 value

             = $203,600 - $254,000

             = -($50,400) (Negative)

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{50,400}{254,000}\times100

                                    = (19.84)%

Plant assets:

Amount = 2014 value - 2013 value

             = $1,397,000 - $831,700

             = $565,300

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{565,300}{831,700}\times100

                                    = 67.96%

Total assets:

Amount = 2014 value - 2013 value

             = $1,600,600 - $1,085,700

             = $514,900

percentage changes = \frac{Amount}{2013\ value}\times100

                                    = \frac{514,900}{1,085,700}\times100

                                    = 47.42%

6 0
3 years ago
Other questions:
  • To be useful, market research has to be _____.
    12·2 answers
  • A good reason to open a checking account is that
    9·1 answer
  • The only difference between variable and absorption costing is the expensing of ________.A) direct manufacturing costs B) variab
    12·1 answer
  • What is the primary goal of financial management for a sole proprietorship? maximize net income given the current resources of t
    5·1 answer
  • A referee at an american football game issues a decision against the red team and in favor of the blue team. a controversy ensue
    9·1 answer
  • Which revolution most directly addressed the unequal distribution of econmic opportunity and resources?
    12·1 answer
  • Dakota Trucking Company (DTC) is evaluating a potential lease for a truck with a 4-year life that costs $40,000 and falls into t
    15·1 answer
  • Through what process can special interest groups and businesses influence the government?​
    8·1 answer
  • Wildcat, Inc., has estimated sales (in millions) for the next four quarters as follows:
    9·1 answer
  • Discuss the characteristics of Labour ​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!