The journal entry when writing off an account as uncollectible under the allowance method is:
Allowance for Doubtful Debts ( Dr.) xxxxx
Accounts Receivable ( Cr.) xxxxx
The allowance technique involves putting aside a reserve for terrible debts that are expected in the future. The reserve is based on a percent of the income generated in a reporting length, possibly adjusted for the danger associated with positive clients.
The allowance technique is used to determine how an awful lot of money a commercial enterprise needs to set apart for future awful or unrecoverable customer debt. It factors in the price of the losses an organization expects from extending patron credit.
The allowance approach requires a small commercial enterprise to estimate at the cease of the 12 months how an awful lot awful debt they have got, while the direct write-off method we could owners write off horrific debt whenever they determine a patron might not pay an invoice.
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Answer:
Nothing.
Explanation:
It is known that a good credit score generally comes from a history of managing money responsibly. This doesn’t mean you shouldn’t borrow money though; in fact, companies often like to see a track record of timely payments and sensible borrowing. In Leon's case, he has no dealings with credit cards as he makes all his transaction with physical cash; therefore he has no credit score in any way.
Leon has to work towards improving his poor credit score or need to build up credit history from nothing.
Answer:
$20.90 & $14.88
Explanation:
The average cost per lead is the marketing expense incurred to acquire a new potential customer. The average cost per or CPL is calculated using the formula total marketing spend / total number of leads. CPL helps identify the most efficient advertising channel.
For the first advertising buy, average cost per lead
=$4,600/220
=$20.90
For the second advertising buy
=$6700/450
=$14.88
The answer choice that you have really been looking for is the bank called Reba
Answer:
Christy's demand for blackberries is elastic.
Explanation:
Christy purchases blueberries, blackberries, and strawberries. When the price of blackberries rises to a small extent, Christy will instead purchase strawberries or blueberries.
This shows that the demand for blackberries is elastic. Elastic demand refers to the situation when a small change in price causes the quantity demanded to change to a great extent.
