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Blababa [14]
4 years ago
9

Amend Inc. debited Accounts Receivable and credited Allowance for Doubtful Accounts to reestablish an account previously written

off. Amend Inc. should also debit _______ and credit _______.
Business
1 answer:
Aleks [24]4 years ago
3 0

Answer:

Allowance for Doubtful Accounts and

Bad debt expense

(to fill the gaps)

Explanation:

Allowance for Doubtful Accounts is the account used to record receivables that may not be collectible. When receivables may be incollectible, the entries posted are

Debit Bad debt expense

Credit Allowance for Doubtful Accounts

When the receivables can no longer be collected

Debit Allowance for Doubtful Accounts

Credit Account receivables

Hence for Amend Inc, the reversals of the above entries is what is required. Since Amend Inc. has debited Accounts Receivable and credited Allowance for Doubtful Accounts to reestablish an account previously written off, the second set of entries required would be

Debit Allowance for Doubtful Accounts

Credit Bad debt expense

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Bayest Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead
saw5 [17]

Answer: $66, 600

Explanation:

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base = $373,040 ÷ 60,800 direct labor-hours = $6.3 per direct labor-hour Overhead over or underapplied Actual MOH = $432,000 Applied MOH = $6.3 x 58000 = $365,400 Underapplied MOH = 432,000-365,400 = $66,60

8 0
3 years ago
Assume that the real rate of interest is 5 percent and a lender charges a nominal interest rate of 15 percent. If a borrower exp
irakobra [83]

Answer:

Correct option is (c)

Explanation:

Nominal interest rate is the sum of real interest rate and inflation. The lender charged nominal interest rate of 15% expecting inflation to be 10% in the following year. However, inflation was 12%. So, nominal rate becomes 17% (12% + 5%).

The lender should have charged a nominal interest rate of 17% instead of 15%. Now, he has to bear the loss of 2%. Borrower on the other hand benefited as he is paying lower interest rate than what is prevailing in the market.

8 0
3 years ago
The study of how decisions are made when strategic interaction between firms exists is known as Group of answer choices Game the
Anastaziya [24]

The study of how decisions are made when strategic interaction between firms exists is known as game theory.

The study of mathematical models of strategic interactions between rational beings is known as game theory. It has uses in computer science, logic, systems science, and all branches of social science.

The field of applied mathematics known as game theory offers methods for examining scenarios in which parties, or players, make interdependent decisions. Each player must consider the potential decisions or strategies of the other players because of their interdependence.

Learn more about game theory here brainly.com/question/13548182

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3 0
2 years ago
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells
True [87]

Answer:

Do the math don't be lazy

Explanation:

SHOW WORK

5 0
2 years ago
The University of Central Florida has a typical College of Business which houses several specific mini-departments such as manag
Julli [10]

Answer:

functional

Explanation:

It is correct to say that the College of Business is better similar to a functional structure, which is a type of organizational structure where there is an organization of resources by departments, where there are employees with similar knowledge and specializations, the division of work occurs by function.

In this type of structure, there is the possibility of work specialization, where there is an appreciation of the exchange of knowledge and experiences of the work function, greater development of managers, greater standardization of work and processes.

6 0
3 years ago
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