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melamori03 [73]
3 years ago
8

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is

a/an
A. $800 debit.
B. $800 credit.
C. $2,600 credit.
D. $2,600 debit.
Business
2 answers:
Flauer [41]3 years ago
8 0
Hello there.

<span>The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an

Answer: </span><span>A. $800 debit. 
</span>
igomit [66]3 years ago
8 0

Answer: $800 debit

Explanation:

For the Account receivable accounts

Total debit postings is $1,900

A debit is an accounting term for an entry made on the left side of an account, in mathematics in carries the negative sign that is -$1,900

For the credit postings we have $1,100.

A credit is an accounting term for an entry made on the right side of an account, it mathematics it carries the positive sign.

Since the debit postings is greater than the credit-posting we will have a debit balance the balance of the account is an $800 debit.

That is -$1,900+$1,100=-$800.

-$800 means $800 debit

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ABC Corporation distributes property to its sole shareholder, Andre. The property has a fair market value of $350,000, an adjust
saul85 [17]

Answer:

ABC has a gain of $145,000 and Andre's dividend income is $130,000

Explanation:

Property ABC issued, has the following:

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Gain = market value - Adjusted basis

= $350,000 - $205,000

= $145,000

ABC has a gain of $145,000

Calculate Andre's dividend income since he is the sole shareholder:

Dividend earnings = fair market value - liability

= $350,000 - $220,000

= $130,000

Andre's dividend income is $130,000

Correct option is D.

With respect to distribution, ABC has a gain of $145,000 and Andre's dividend income is $130,000

8 0
3 years ago
Haven Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $600,
Katena32 [7]

Answer:

Debit Bad debt expense   $19,000

Credit Allowance for doubtful debt   $19,000

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

Amount that may be uncollectible

= 4% *  $600,000

= $24,000

Given that the Allowance for Doubtful Accounts has a $5,000 credit balance before adjustment, the additional amount to be adjusted for

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= $19,000

7 0
3 years ago
After enrolling in the MBA program at Minor State University, Sheri began having second thoughts. Although MSU seemed to be a go
NARA [144]

Answer:

Option D                  

Explanation:

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As per this concept, when two acts or thoughts do not coincide mentally with each other, individuals will do everything they can to alter these until they become compatible.

Thus, from the above we can conclude that the correct option is D .

6 0
3 years ago
Insurance can help you: A.minimize monthly expenses B.financially protect against unexpected accidents C.reduce the chances of g
Hitman42 [59]
<span>B.financially protect against unexpected accidents definitely the answer.</span>
6 0
3 years ago
Read 2 more answers
The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of ope
vitfil [10]

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Download xlsx
6 0
3 years ago
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