1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
storchak [24]
3 years ago
11

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,458, Whispering Winds Corp. estimates t

hat 10% of its accounts receivable balance of $98,200 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Whispering Winds Corp. determined that B. Jared’s account was uncollectible and wrote off $1,283. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
astraxan [27]3 years ago
7 0

Explanation:

1. Bad Debt Expense A/c Dr,                  $11,278

($9,820 + $1,458)

      To Allowance for doubtful accounts   $11,278

(Being bad debt expenses is recorded)

2. Bad debts A/c                                     $1,283  

       To Allowance for Doubtful accounts          $1,283

(Being uncollectible and wrote off is recorded)

3. Accounts Receivable A/c Dr,                  $1,283  

       To Allowance for Accounts receivable   $1,283

(Being written off is recorded)

4. Cash A/c Dr,                                          $1,283  

      To Accounts Receivable                   $1,283

(Being cash is recorded)

You might be interested in
The independent cases are listed below that includes all items relevant to operating activities: Case A Case B Case C Sales reve
Mekhanik [1.2K]

Answer:

Cash flow :

For Case A = $27,450

Case B = $14,000

Case C = $25,000

Explanation:

As per the data given in the question,

                                                                Case A          Case B         Case C

Cash collected from customers            $712,000      $555,000     $97,500

Cash payment to suppliers                  -$40,000      -$25,500      -$65,200

Cash payment for operating expense -$3,750        -$16,000       -$7,300

Net cash provided by operating activities $27,450 $14,000         $25,000

Where,

Cash received from customers = Net sales + dec. in account receivable - inc. in accounts receivable

Cash paid to suppliers = COG sold + inc. in inventory + dec. in accounts payable - dec. in inventory - inc. in accounts payable

Cash paid for operating expense = operating expense - Depreciation + inc. in prepaid expense + dec. in accrued expenses payable - inc. in accounts payable - inc. in accrued expenses payable

6 0
3 years ago
The government sector balance is equal to net taxes​ ________ government expenditure on goods and services. If that number is​ _
Dovator [93]

Answer:

less

positive

negative

Explanation:

The government sector balance is income from taxes less government spending

Government sector deficit occurs when government spending exceeds income of the government.

When deficit increases, debt increases. This is because a deficit would need to be funded by additional borrowing

When there is a surplus, government spending is less than the income of the government. Government is able to lend to other sectors

7 0
3 years ago
Overton, Inc. had the following transactions in 2017, its first year of operations: • Issued 15,000 shares of common stock. Stoc
dimaraw [331]

Answer:

total stockholders' equity =  $660000

Explanation:

given data

Issued = 15,000 shares

par value = $0.01 per share

issued = $39.00 per share

net income = $300,000

Paid dividends = $15.00 per share

to find out

total stockholders' equity

solution

we get here common stock that is express as

common stock = 15,000 × $39

common stock =  $585000

and

dividends is = $15 × 15000

dividends = 225000

so

total stockholders' equity will be

total stockholders' equity = common stock  + net income - dividends

total stockholders' equity = $585000 + $300,000 - 225000

total stockholders' equity =  $660000

8 0
3 years ago
Which one of the following is a primary market transaction?
aleksandr82 [10.1K]

Answer:

B. a dealer buying newly-issued shares of stock from a corporation

Explanation:

Primary market transactions are IPOs or any other issuance of securities, e.g. bonds. A security is traded only once in a primary market, since after the security is issued for the first time, any other transection will be made on the secondary market. There is no physical difference between a primary or secondary market, e.g. the NYSE makes both primary and secondary transactions.

6 0
3 years ago
Suppose your neighbor enjoys seeing the grass in his yard grow wild and free, a practice with which you disagree. This is an exa
lara [203]

Answer:

negative consumption externality.

Explanation:

A negative externality arises when the production or consumption of a finished product or service has negative impact (cost) on a third party.

On the other hand, a positive externality arises when the production or consumption of a finished product or service has a significant impact or benefits to a third party that isn't directly involved in the transaction.

In this scenario, your neighbor enjoys seeing the grass in his yard grow wild and free, a practice with which you disagree because it poses a danger on the people around as snakes and other poisonous animals may breed or live there.

Hence, this is an example of a negative consumption externality because it's the potential of causing you harm or endangering your life.

6 0
3 years ago
Other questions:
  • Why is your amount owed considered when determining your credit score?
    10·1 answer
  • Identify the element of sensory memory that would be most useful in quickly scanning a map of a country to learn the geographica
    7·2 answers
  • The blackwell group is unable to obtain financing for any new projects under any circumstances. which term best applies to this
    9·1 answer
  • IBM's Smarter Planet campaign markets IBM as a company that provides innovative solutions that improve the world's IQ. This is a
    15·1 answer
  • A firm has a stock price of $50 per share. The firm’s past 12 month earnings per share is $2.5 and the firm's future earning is
    15·1 answer
  • 1. Identify and briefly discuss three factors which influence the choice of crops produced by commercial farmers?[ 2. What is th
    15·1 answer
  • When a buyer’s willingness to pay for a good is equal to the price of the good, a. the buyer’s consumer surplus for that good is
    15·1 answer
  • TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the f
    10·1 answer
  • A ________ is an unsecured bond, and most of the bonds sold today in the United States are of this type.A) mortgage bondB) deben
    8·1 answer
  • What is insurance??????
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!