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marta [7]
3 years ago
5

1. Under the allowance method for uncollectible accounts, the journal entry to record the estimate of uncollectible accounts wou

ld include a credit to Accounts Receivable. Bad Debt Expense. Allowance for Doubtful Accounts. Cash. b 2. Under the allowance method for uncollectible accounts, the journal entry to record the write-off of an account receivable would include a __________ to __________. credit; Bad Debt Expense debit; Bad Debt Expense credit; Cash credit; Accounts Receivable b
Business
1 answer:
mixer [17]3 years ago
6 0

Answer:

Part 1

Dr Bad Debts Expense

Cr Allowance for Doubtful Accounts

Part 2

Dr Allowance for doubtful accounts

Cr Accounts Receivable

Explanation:

Part 1. The double entry required to record the increase in provision for noncollectable accounts under the allowance method would be as under:

Dr Bad Debts Expense

Cr Allowance for Doubtful Accounts

Part 2. Similarly the write-off to the accounts receivable would be accounted for as under:

Dr Allowance for doubtful accounts

Cr Accounts Receivable

The above are the correct entries required under the allowance method.

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It would be outputs 

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3 years ago
Mcdougald Corporation is a service company that measures its output by the number of customers served. The company has provided
ANEK [815]

Answer:

The spending variance for "Employee salaries and wages" for March would have been closest to $1,200F .

Explanation:

Customers served (q)

Employee salaries and wages ($58,400 + $1,000q)

The spending variance for "Employee salaries and wages" for March would have been closest to

         Actual Results      Flexible Budget     Revenue and Spending Variances

(q)          26                 26      

($58,400 + $1,000q) $ 83,200 $ 84,400    $1,200F

6 0
3 years ago
An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar
Salsk061 [2.6K]

Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = \$6\frac{1}{8} =\frac{49}{8}

Selling cost of stocks = $24 per share

Brokerage paid = 2%

Now,

The total purchasing cost involved = 100\times\frac{49}{8} + 2% of 100\times\frac{49}{8}

= 612.5 + 0.02 × 612.5

= $624.75

also,

Total income from sales of stocks

= Total selling cost of shares - brokerage paid

= $24 × 100 - 2% of Total selling cost

= $2400 - ( 0.02 × $2400 )

= $2400 - $48

= $2,352

now,

The investor's percent gain on this investment = \frac{\textup{Income-invested amount}}{\textup{Invested amount}}\times100\%

= \frac{\textup{2,352 - 624.75}}{\textup{624.75}}\times100\%

= \frac{\textup{1727.25}}{\textup{624.75}}\times100\%

= 276.47% ≈ 280%

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7 0
3 years ago
How many powered fork lift accidents occur each year
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3 years ago
A direct cost is a cost that is____________.
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Answer:

The correct answer is letter "D": Traceable to a single cost object.

Explanation:

Direct Cost for finished goods is referred to the costs of the items and services directly used in production that can be allocated to a single cost object. Other costs including rent and production site insurance are indirect costs. The cost of the finished goods may be assigned to indirect costs, but they are not direct costs because they do not change with production levels.

5 0
3 years ago
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