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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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Answer:

The correct answer is the option A: Cell

Explanation:

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7 0
3 years ago
A buyer failed to take advantage of the vendor's credit terms of 2/10, n/45, but instead paid the invoice in full at the end of
Neko [114]

Answer: 20.86%

Explanation: From the question, the credit term is 2/10, n/45. Which means that the customer gets a 2% discount if payment is made within 10 days. But the customer did not make use of this offer. The equivalent annual Interest lost on the amount of purchases is :

365/ (45-10) * 0.02 = 365/35*2%

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This is calculated using 365 days in a year.

5 0
3 years ago
Suppose the fixed interest rate on a loan is​ 5.75% and the rate of inflation is expected to be​ 4.25%. The real interest rate i
Alex

Answer:

Lenders loose and borrowers gain

Explanation:

Whenever inflation increases the value of money falls and technically erodes interest rates (hence real interest rate falls although nominal rate stays the same)

In the scenario, if the inflation rate rises to 5.5%, then the real interest rate falls further from 1.5% to (5.75% - 5.5%) 0.25%, demonstrating that the lender is loosing further.

Contrarily, the borrower will technically be paying lesser interest to the lender because he will be paying lesser money in value to the lender both in terms of interest and principal

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1. Which country has the comparative advantage in DVDs? (Remember! OOO Output –Other goes Over!) [2 pts]
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The answer is Country B


Comparative advantages can be described as a country's ability to product a certain product in higher quantities and lower price (efficiently) compared to another country.

In this case, Country A can product  100 CDs and only 100 DVDs, by while country B has the capacity to produce 50 CDs but 200 DVDs.

Clearly Country B has a better infrastructure to produce DVDs in bulk

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ivann1987 [24]

Answer: $4,650 Tax Credit

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to get the work opportunity credit for 2019:

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