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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)

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Emily Boyce, a project manager at an insurance firm, regularly satisfices while making decisions. She often comes across complic
grigory [225]

Answer:

B) search for solutions that are reasonable

Explanation:

When Emily solves her work problems by satisficing a large number of decisions, it means that she makes the decisions that are barely adequate to solve the issues. She doesn't take the time to make the best possible ones. Since she has a very tight work schedule, she doesn't have the time to search all the necessary information nor to search all the possible options. She doesn't have the time to analyze which alternative is best, she will take whatever option she finds first.

3 0
2 years ago
Ivanhoe Company purchased a new machine on October 1, 2017, at a cost of $77,980. The company estimated that the machine has a s
ad-work [718]

Answer:

Annual depreciation= $10,160 a year

Explanation:

Giving the following information:

Ivanhoe Company purchased a new machine on October 1, 2017, for $77,980. The company estimated that the machine has a salvage value of $6,860. The machine is expected to be used for 72,900 working hours during its 7-year life.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (77,980 - 6,860)/7= $10,160 a year

6 0
2 years ago
What is the difference between income and cash flow?
Deffense [45]
Its B. or C. 
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3 0
3 years ago
International Imports is a merchandising Firm. Last year they reported sales of $674,500 and cost of goods sold of $404,700. The
dimaraw [331]

Answer:

The total contribution margin for the firm is: $209,095

Explanation:

The contribution margin is calculated by using following formula:

Contribution margin = Total sales – Total variable costs

In International Imports,

Total sales = $674,500

Total variable costs  = cost of goods sold + total variable selling and administrative expense = $404,700 + $60,705 = $465,405

Contribution margin = $674,500  - $465,405 = $209,095

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3 years ago
Erin works at a financial institution. She has offered a housing loan to a customer. While carrying out the transaction, which l
Neko [114]

Answer:

D. ensure that she credits the loan amount accurately to the customer’s account

Explanation:

Erin needs to address this legal responsibility, and "arranging an informal meeting with the customer" is not a legal responsibility. Similarly, C is not a legal responsibility, and in fact, it is a crime. And E is not a legal responsibility. These details are not being given at the time of sanctioning the loan. However, D is certainly a legal responsibility as Erin needs to ensure that she credits the loan amount accurately to the customer's account.

6 0
3 years ago
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