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maxonik [38]
3 years ago
8

Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts s

hould be $19,350. The account had an unadjusted credit balance of $10,000 at that time.Required:
Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)a)The appropriate bad debt adjustment was recorded.b)Later, an account receivable for $1,000 was determined to be uncollectible and was written off.Record the end-of-period adjustment for bad debts under the aging of accounts receivable method.Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,000.
Business
1 answer:
Burka [1]3 years ago
6 0

Answer:

The required entries are plot in the following explanation.

Explanation:

(a)

Debit Bad Debt Expense 9,350

Credit Allowance for Doubtful Accounts 9,350

[19,350 - 10,000]

(b)

Debit Allowance for Doubtful Accounts 1,000

Credit Accounts Receivable 1,000

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If an organization is committed to ethical business conduct that commitment should remain constant
Volgvan
Yes, the above statement is true. <span>If an organization is committed to ethical business conduct that commitment should remain constant. Although several firms and many employees remain constant in their ethical commitment and values, variances can happen.</span>

8 0
3 years ago
Internal control in technologically advanced accounting systems depends more on the design and operation of the information syst
QveST [7]

Answer:

The answer is T that is  (True)

Explanation:

First of all, we need to understand that internal control in technology advanced accounting system are designed policies and procedures integrated into the system to give it integrity and reliability.

The purpose are mainly to curb but not limited to issues like fraud, generating timely and effective reporting, reassuring investors, give a forensic over view of business operation success and proactively identify financial challenges.

The internal controls in advanced accounting can either be preventative, consequentially deterring fraud and mistakes, or detective, consequentially identifying challenges after they have occurred

This two aforementioned objective of the internal control in technology advanced accounting are embedded in the design and operation of the system stage, thereby confirming the statement to be true that Internal control in technologically advanced accounting systems depends more on the design and operation of the information system and less on the analysis of its resulting documents

6 0
3 years ago
Terrence needs to deliver negative feedback to an employee, Chad, using his company's appraisal software. Before delivering the
Sunny_sXe [5.5K]
<h2>meet with Chad in person and establish goals for improvement.</h2>

Explanation:

  • Whenever an employee shows negativity either to his co-employee or to sub-ordinates, it is better to call in person and meet.
  • We can get the pointers which is making that particular employee to behave in such a manner or we can otherwise guide that employee in the right direction so that the organizational goals are met.

Following things will not work:

  • Discussing about the poor performance of Chad's with other managers
  • Sending an e-mail stating the poor performance of Chad's to all the employees.
  • Warning Chad's coworker is not a good solution, because here Chad's behavior towards co-workers are wrong and not vice versa.

6 0
2 years ago
In a survey of companies, it was found that 45 were in the mining sector, 72 were in
Diano4ka-milaya [45]

Answer:

0.288

0.308

Explanation:

Given :

Mining sector = 45

Financial sector = 72

IT sector = 32

Production sector = 101

Total number of companies :

(45 + 72 + 32 + 101) = 250

A.)

Probability that a randomly selected company is in the financial sector

Recall :

Probability = required outcome / Total possible outcomes

P(company = financial) = (number of companies in financial sector / total number of companies)

P(company = financial) = 72 / 250 = 0.288

B.)

Company is either a mining or IT company :

P(company = Mining or IT) = (number of mining + number of IT Companies) / total number of companies

P(company = Mining or IT) = (45 + 32) / 250 = 77 / 250 = 0.308

8 0
2 years ago
Suppose that all stocks can be grouped into two mutually exclusive portfolios (with each stock appearing in only one portfolio):
Otrada [13]

Answer:

option a 13.5%

Explanation:

                       Expected

                                Return           Volatility

Value Stocks           0.12             14%

Growth Stocks   0.15            24%

<u>Solution</u>

Expected return on market portfolio = Weight of value stock * return of value stock + weight of growth stock * value of growth stock

Expected return on market portfolio = 0.5 * 0.12 + 0.5 * 0.15

Expected return on market portfolio = 0.06 + 0.075

Expected return on market portfolio = 0.135 or 13.5%

6 0
3 years ago
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