Answer:
debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts
Explanation:
Based on the information provided for this scenario it can be said that the entry to record this adjusting entry would include a debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts. Meaning that the bad debts expense is increasing while the same amount is being taken from the allowance for doubtful accounts. This is what the allowance method is used for, it provides an advance for uncollectible accounts, by setting aside money in a reserve account.
Answer:
a. Cash 7,000 Accounts Receivable 7,000
Explanation:
As for the information provided, the payment is received for a sales made in last month, and thus entry at the time of sales shall be:
Accounts Receivables A/c Dr. $7,000
To Sales $7,000
Therefore, when the amount is collected today it will increase cash by debiting cash for the same amount.
Further, balance of accounts receivables will be decreased by crediting such account.
Therefore, correct option is
a. Cash 7,000 Accounts Receivable 7,000
True, rationing is the selling of scarce goods or services in events such as war. Items are distributed in fairness to each citizen and they have to take a ration book to say what they have or haven't had and how much of it they have had.
Answer:
Generally speaking, demographic growth can affect the economy quite a lot, but the economy has a very little effect on demographic growth. E.g. the baby boomers were great for the economy during several decades, but there is no clear relationship between population growth and economic activity.
This means that companies like home builders whose demand depends on other factors besides the economy, will be less affected by economic recessions or expansions. E.g. the demographic growth in America was around 0.7% during 2019 and the economy was growing that year.
Actually, the US population has been declining over the last decades. The real growth factor in population has been immigration in the last decades, and that has also been declining lately.
Answer:
The debit in the journal entry to record sale is Accounts receivable debit by $24700.
Explanation:
The gross method requires a company to record the sale at the gross value i.e. without deducting the discount allowed. Thus, under Gross method, the sale is recorded at its actual value. The entry to record this sale is:
Accounts Receivable 24700 Dr
Sales revenue 24700 Cr
Thus, in this entry under gross method, the debit is Accounts receivable by $24700.
