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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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If Medicaid is expanded to cover a greater percentage of the population: the public debt will immediately increase. implicit lia
ziro4ka [17]

Answer: implicit liabilities will increase.

Explanation:

Implicit liabilities are incurred by government as a result of them having to take care of their citizens. Medicaid is one such liability.

If the government were to expand the percentage of people in the country that are to be covered by medical aid, this would mean that more Medicaid will be paid by the government which means that the implicit liabilities will increase.

8 0
2 years ago
Briefly define and give a specific example of:A.1.Scale economies in connection with urban economics (i.e., related to land use,
Shtirlitz [24]

Answer:

Explanation:

.1.Scale economies in connection with urban economics (i.e., related to land use,housing, or firm location)A.2.Pecuniary agglomeration economiesA.3.Technological agglomeration economiesA.4.Retail agglomeration economiesA.5.ExternalitiesA.6.ceteris paribus assumptionA.7.A numeraire goodA.8.An efficient allocation of resources

7 0
3 years ago
When the sponsor-investigator holds the ind for an investigational drug he or she is responsible for annual reporting of which o
Lapatulllka [165]

Answer: IND report

Explanation:

A sponsor investigator has numerous roles to perform which includes

Control of the investigational drug

Record retention

Reporting

Assurance of IRB review

Inspection.

So, under the reporting role he or she will be saddled with the responsibility of giving an annual report of the IND investigation.

6 0
3 years ago
A set of speakers may be purchased now for $1000 or by making a down payment of $150 and additional payments of $100 at the end
victus00 [196]

Answer:

the nominal annual interest rate on the payment plan is 15%

Explanation:

According to the question, a one-time payment for the speakers will cost $1,000

An installmental payment will have a $150 down payment and then another $100 fro ten subsequent months.

Calculating the total payment at tthe end of the payment plan will give

$150 + ($100 x 10months)

we have, $150 + $1,000 = $1,150.

This shows that at the end of the payment plan, the set of speakers would have cost $1,150 instead of $1,00 one-time payment.

Step 2:

To calculate the interest rate, we subtract the one-time price from the payment plan price and express it as a percentage of the one time price to get tthe interest rate.

$1,150-$1,000 = $150

then we have,

($150 ÷ $1,000) × 100%

= 0.15 × 100%

- 15%

The nominal annual interest rate is 15%.

Cheers.

4 0
3 years ago
Janna owns a jewelry shop that sells handmade jewelry. Her employees are paid a certain amount for each bracelet and necklace th
Paladinen [302]

Answer:

Piece rate system

Explanation:

The piece rate system is the system in which the price is paid according to the units make or produced

Since in the question it is mentioned that the Janna sells handmade jewellery and her employees would paid a specific amount for each bracelet and necklace they developed irrespective of the time it takes so this represents the piece rate system

So the same is to be considered

7 0
2 years ago
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