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frez [133]
3 years ago
6

Assume Simple Co. had credit sales of $249,000 and cost of goods sold of $149,000 for the period. Simple uses the percentage of

credit sales method and estimates that 2 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $240. What amount of Bad Debt Expense would the company record as an end-of-period adjustment
Business
1 answer:
ella [17]3 years ago
5 0

Answer:

$5,220

Explanation:

The computation of the bad debt expense for the period end adjustment is shown below:

= Allowance of bad debts + credit balance of  Allowance for Doubtful Accounts

where,

Allowance of bad debts = 2% × $249,000 = $4,980

And, the credit balance of  Allowance for Doubtful Accounts is $240

Now put these values to the above formula  

So, the value would equal to

= $4,980 + $240

= $5,220

The journal entry is shown below:

Bad debt expense A/c Dr $5,220

   To Allowance for Doubtful Accounts $5,220

(Being bad debt is recorded)

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2 years ago
The journal entry to record the use of utilities in a factory could include which two of the following: (You may select more tha
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Answer:

The correct options are:

A. Debit to Factory Overhead

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Explanation:

The debit entry of the use of utilities in  a factory would be recorded in factory overhead since cost of utilities is a not a direct factory cost.

However, the corresponding credit would be in the factory utilities payable as an obligation awaiting payment to be made to  the supplier of  the service being enjoyed by the factory in order to run on daily basis

6 0
3 years ago
Read 2 more answers
A large office supply company sells many of its consumer products over the Internet. This is
Mrac [35]

A large office supply company sells many of its consumer products over the Internet. This is known as e-commerce.

Trading the consumer products over internet is the current trend these days. This way is known as e-commerce.

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2 years ago
When delivering disaster assistance for tribes the best approach is:________
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Tribal governments and their members are an integral part of our nation's emergency management team. Fulfilling her FEMA mission to work together to improve our nation's disaster preparedness and response requires effective inter-tribal relations.

FEMA is committed to assisting the Indian nation in its efforts to build more resilient and more prepared communities. Securing tribal communities and areas in the face of disasters In addition to necessity, FEMA shares the US government's unique interstate relations with federally recognized tribes.

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8 0
1 year ago
During the month of September, direct labor cost totaled $11,000 and direct labor cost was 40% of prime cost. If total manufactu
LiRa [457]

Answer:

The correct answer is D: Manufacturing overhead= $45500

Explanation:

Giving the following information, we need to calculate the amount of manufacturing head.

Direct labor= $11000

Direct labor is 40% of prime costs

Total manufactured cost is= $73000

First, we need to calculate the direct material:

Prime cost= direct material + direct labor

If direct labor is 40% of prime costs, then:

Direct material=(11000*60/40=16500

Now, the manufactured cost formula is:

Manufactured cost= direct material + direct labor  + manufacturing overhead

By rearranging the formula:

<u>Manufacturing overhead= Manufactured costs - direct material - direct labor= 73000- 16500-11000=$45500</u>

7 0
3 years ago
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