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jek_recluse [69]
3 years ago
5

On March 13, a company writes off a customer's account of $3,500. On June 3, the customer unexpectedly pays the $3,500 balance.

Using the allowance method, record the write-off on March 13 and the cash collection on June 3. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
Business
1 answer:
Yuri [45]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Allowance for doubtful Accounts Dr      $3,500

            To Accounts receivable         $3,500

(Being the allowance for doubtful account is recorded)

2. Accounts receivable Dr $3,500

           To Allowance for doubtful Accounts $3,500

(Being the written off amount is recorded)

3. Cash Dr $3,500

        To Account receivable $3,500

(Being the cash collection is recorded)

Only these 3 entries are required

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A portfolio has 225 shares of Stock C that sells for $42 and 190 shares of Stock D that sells for $33. What is Stock C's weight?
Anuta_ua [19.1K]

Answer:

60.11%

Explanation:

Weight of stock C = Value of stock C / total value of portfolio

225 x $42 / (225 x $42) + (190 x $33) = $9450 /15720 = 60.11%

7 0
3 years ago
Sheridan Company has received a shipment of suits that cost $140 each. If the company uses cost-plus pricing and applies a marku
timama [110]

Answer:

Selling price= $224

Explanation:

Giving the following information:

Unitary purchase cost= $140

Mark-up percentage= 60%

<u>To calculate the selling price per unit, we need to use the following formula:</u>

Selling price= unitary cost*(1 + mark-up)

Selling price= 140*1.6

Selling price= $224

5 0
3 years ago
A parcel of land is 140 feet by 75 feet and the seller is asking $130 per square foot. What is the asking price
AleksAgata [21]
The asking price would be $1,365,000! I found a quizlet :)

8 0
2 years ago
Consider the case of a good with external benefits. If you plant trees in front of your house, the neighborhood is more attracti
Veronika [31]

Answer:

1. b. Tax homeowners who plant trees.

2. Win - society and consumer

   Loose - tax payers and producers.

Explanation:

1. a). If the good creates a positive externalities, then the \text{private benefits from the good are less than the social benefits} from the good.

In the context, the following would not help to correct the problem :

Taxing the homeowners who plant the trees.

If the government taxes or takes some money form the people or the house owners who plant trees in their neighborhood will discourage the people to plant the trees and would not help in correcting the problem.

2. If the government pays for the program that helps to increase the planting the trees, then,

the one who will win from this program is : society and the consumers

the one who will loose : tax payers and the producers as the government would impose more tax in order to fuel the project.

6 0
3 years ago
Which of the following would be considered a cash inflow in the financing activities section of the statement of cash flows?
SIZIF [17.4K]

Answer:

1.Issuing bonds payable.

The company receive cash through third parties financial capital

Explanation:

financing activities

cash disbursement or cash proceeds from afinancing activities surch as:

loan, bonds, issuance of stock, treasury stock, notes, other.

4.Collection of a loan made to another company.

The company invest his cash in giving a loan to gain interest, it wasn't a financial decision to increase cash, it was an investment to generate cash.

2.Receiving cash from customers.  it would be operating activites. It is a source of cash from the main activity.

3.Sale of equipment.  It would be investing

7 0
3 years ago
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